Riyadh – Mubasher: Tourism Enterprise Co. (Shams) has appointed Adeem Capital to be the financial advisor for its capital reduction plan.

Adeem has been appointed on 21 September 2021, as a replacement to a previous financial advisor whose contract term has expired, Shams said in a bourse filing to Tadawul.

The listed company aims to reduce the capital to SAR 52.56 million by cancelling 4.89 million shares to offset accumulated losses worth SAR 48.93 million. The board had also proposed increasing the capital to SAR 367.96 million distributed over 36.79 million.