Anaam Holding to vote on capital cut to SAR 15 mln

The board of directors of Anaam International Holding Group Co. (Anaam Holding) called shareholders to vote on capital cut by 92.35% to SAR 15 million from SAR 196 million to offset its accumulated losses, according to the company’s statement to the Saudi Stock Exchange (Tadawul) on Tuesday.

Accordingly, the number of shares will be reduced from 19.6 million to 1.5 million.

In November, Anaam’s board of directors recommended a 92.35% capital cut to offset its accumulated losses as of November. 10, 2019 which hit SAR 181 million, representing 92.3% of the capital.

The losses were driven by adding SAR 88 million in zakat provision.

Earlier in December, the company obtained the Capital Market Authority’s (CMA) approval to reduce its capital.

The company noted that the action will not affect its financial obligations.