6 Hrs
Source:
الاقتصادية
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Saudi Al-Fakhariya to halve capital then raise
The Saudi Ceramic Pipe Manufacturing Company announced its plan to reduce its capital by 56.8%, from 150 million riyals to approximately 64.7 million riyals, in order to offset more than 85 million riyals of accumulated losses. The reduction will be executed by canceling more than 8.5 million shares, with an expectation that there will be no negative impact on the company's obligations or financial performance, provided that it obtains approval from the Capital Market Authority and the Extraordinary General Assembly. After the reduction, the company will continue to increase its capital through the issuance of rights shares worth 90 million riyals to support its operational and strategic plans.
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