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Capital Market Authority approves Al-Kutairy's capital cut
The Capital Market Authority has approved AlKoutary Holding Company's request to reduce its share capital by 91.46%, from 113.02 million SAR to 9.649 million SAR, thereby decreasing the number of shares from 226.04 million to 19.299 million shares. The approval is conditional upon the approval of the Extraordinary General Assembly and the completion of regulatory procedures, with a report explaining the method of reduction and its impacts to be published prior to the vote. The purpose of the reduction is to eliminate part of accumulated losses, with a subsequent recommendation to increase the capital by 150 million SAR through the issuance of rights shares.
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