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Market Authority Approves Al-Fakhariya's Capital Cut
The Capital Market Authority has approved the request of the Saudi Ceramic Pipe Manufacturing Company, "Al-Fakhary," to reduce its capital by 69.71%, from 150 million SAR to 45.43 million SAR. This will decrease the company's number of shares from 15 million to 4.54 million. The decision aims to address the accumulated losses recorded by the company and to ensure the sustainability of its financial operations. The approval is subject to the approval of the Extraordinary General Assembly and the completion of the regulatory procedures, along with the publication of a report explaining the method of the reduction and its impacts to the shareholders prior to the vote.
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