Saudi Pottery Cuts Capital to 45M Riyals

Al-Fakhariah Saudi Ceramic Pipes Company has submitted a request to the Capital Market Authority to reduce its capital from 150 million SAR to 45.43 million SAR, which decreases its capital by more than 50%. This step is part of a plan to restructure the company's capital in order to offset accumulated losses amounting to 104.57 million SAR. The company also plans to increase its capital later through the issuance of rights shares. The implementation of this procedure depends on regulatory approvals, including the extraordinary general assembly, and future developments are expected to be announced as soon as they become available.

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