5 Hrs
Source:
الاقتصادية
Saudi Al-Fakhariya plans over 50% capital reduction
The Saudi Ceramic Pipes Manufacturing Company, "Alfakhariya," announced its intention to reduce its capital by 56.8%, from approximately 150 million SAR to around 64.7 million SAR, in order to offset more than 85 million SAR of accumulated losses. The reduction will be carried out by canceling over 8.5 million shares. Following this, the company plans to increase its capital again through a rights issue worth 90 million SAR to strengthen its financial position and support its operational plan. Approval of the reduction and increase is expected after completing the necessary official procedures, with no significant negative impact anticipated on the company's performance.
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