Logo of Red Sea International Co.
Red Sea International Co. (RSI) said accumulated losses dropped to 20% of capital, according to a bourse filing today, Sept. 21.
The company offset SAR 297.66 million of the total accumulated losses, which represents 49.67% of capital as of March 31, 2022.
|
Details of Accumulated Losses |
|
|
Current Capital |
SAR 302.34 mln |
|
Accumulated Losses |
SAR 60.55 mln |
|
Percentage of Capital |
20% |
|
Date of Decrease of Accumulated Losses |
July 24, 2022 |
|
Reasons |
Capital Reduction |
|
Accumulated Losses Before Capital Reduction |
SAR 358.20 mln |
|
Reduction Amount |
SAR 297.66 mln |
Shareholders approved the board of directors’ recommendation to reduce capital by 49.61% from SAR 600 million to SAR 302.34 million, during the extraordinary general meeting held in July.
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