Sign of Red Sea World Co.
Saudi Arabia’s Capital Market Authority (CMA) gave the green mild for Red Sea World Co.’s question to gash capital from SAR 600 million to SAR 302.3 million.
The sequence of shares will almost definitely be reduced from 60 million to 30 million, in accordance with the authority’s internet field.
The switch is pending the approval of the upcoming out of the ordinary customary meeting (EGM) and completion of the major procedures in the case of the acceptable regulations.
The firm will post a disclosure doc on the proposed capital reduction and the expected associated impact inside enough time old to the EGM to allow shareholders to vote on the capital decrease.
On Would possibly well even honest 22, the board of directors amended its capital gash recommendation to 49.61% from SAR 309.39 million to SAR 302.34 million by device of writing off one half for every 2.016 shares held, in accordance with info available with Argaam.