Bisha Agriculture Company’s BOD recommended a 90% reduction of the capital (from SAR 50 mn to SAR 5 mn) to narrow the losses incurred over the previous years, the company said in a statement to the Saudi bourse, Tadawul.
The board also recommended a next step of SAR 100 million capital raise through rights issue to boost the company’s restructuring plan and business expansion. The board’s recommendations are pending the approval of competent authorities.
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