Raydan Food says accumulated losses down to 32.37% of capital

A branch of Raydan Food

Raydan Food Co. announced that its accumulated losses, as of Sept. 30, 2021, decreased to below 35% of its share capital, according to a bourse filing.

The accumulated losses stood at SAR 109.24 million, representing 32.37% of Raydan’s share capital of SAR 337.5 million as of Sept. 30.

The decrease followed Raydan’s capital increase through right issue by SAR 112.5 million, based on the approval of the extraordinary general assembly meeting (EGM) held on July 13, the statement said.

The restaurant operator added that it will continue to implement the measures and guidelines related to listed companies with accumulated losses more than 20% of share capital.