The extraordinary general meeting (EGM) of Raydan Food Company granted its approval for a 53.16% capital cut to SAR 158.08 million from SAR 337.50 million.

The capital decrease will be carried out by cancelling 17.94 million shares, equivalent to 1.06 shares for every two issued shares, according to a recent bourse filing.

Meanwhile, the number of shares will stand at 15.80 million shares, instead of 33.75 million shares.

The board proposed the capital reduction to offset 100% of the SAR 179.41 million accumulated losses, which were registered as of 30 June 2022.

Last September, the Capital Market Authority (CMA) passed Raydan Food’s capital decrease.

 

 

 

 

 

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