Riyadh – Mubasher: The shareholders of Al Widyan Saudi Real Estate Company, a fully-owned subsidiary of Saudi Real Estate Company (Al Akaria), agreed to reduce its capital from SAR 100 million to SAR 500,000.
The new capital will be distributed over 50,000 shares at a nominal value of SAR 10 per share, according to a recent bourse disclosure.
The Saudi listed firm noted that the capital cut will not affect Al Widyan's business or its obligations.
It is worth noting that the unit’s shareholders granted their approval for the capital reduction during the extraordinary general meeting (EGM) that was held on Sunday, 7 August.
In the first three months (3M) of 2022, Al Akaria registered net losses after Zakat and tax worth SAR 29.40 million, a 539.13% year-on-year (YoY) leap from SAR 4.60 million.