Riyadh – Mubasher: The board of Al Hassan Ghazi Ibrahim Shaker Company (Shaker Group) has changed its recommendation of reducing the capital to stand at SAR 482.33 million instead of SAR 472.5 million.

Shaker Group plans to cancel 14.76 million ordinary shares or 2.34 shares for every 10 owned shares, according to a bourse filing on Wednesday.

The new capital will be distributed over 48.23 million shares. This is compared to the current capital of SAR 630 million that is distributed over 63 million shares.

The amendment decision is attributed to the improvements in the company's operations and its ability to reduce its accumulated losses from around 25.3% to around 23.4 %.