Raydan deposits post-capital cut fractional shares proceeds

Raydan Food Co. deposited proceeds from selling fractional shares resulting from its recent capital reduction in the accounts of eligible shareholders.

In a statement to Tadawul today, Dec. 1, the company said the fractional shares sale ended on Nov. 10.

As many as 3,466 shares were sold at a total of SAR 104,100, at an average price of SAR 30.03 apiece.

According to Argaam data, Raydan shareholders recently approved the board’s recommendation to reduce capital by 53.74% to restructure capital to amortize accumulated losses.