The Capital Market Authority (CMA) approved Fitaihi Holding Group's request to reduce its capital from SAR 550 million to SAR 275 million by reducing the number of shares from 55 million to 27.5 million.
The CMA's decision is conditional on the company's extraordinary general assembly (EGM) approval and completion of the necessary procedures in relation to the applicable regulations, the market regulator said in a statement.
The company will publish a disclosure document to its shareholders related to the proposed method of capital reduction and its expected impact within sufficient time prior to the EGM to enable shareholders to vote on the planned capital decrease.
According to data compiled by Argaam, Fitaihi’s board of directors recommended, on March 4, 2021, a 50% capital cut from SAR 550 million to SAR 275 million on having a capital surplus.
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