Red Sea International shareholders to vote on 49.61% capital cut on July 24

Logo of Red Sea International Co.

Red Sea International Co.’s shareholders will vote on the board of directors’ recommendation to cut capital by 49.61% from SAR 600 million to SAR 302.34 million, during the extraordinary general meeting (EGM) slated for June 24, according to a bourse statement.

Meanwhile, they will vote on amending articles of associations related to capital and shares’ subscription.

Electronic voting on the EGM agenda will start on July 20.

In May, the board of directors amended its capital cut recommendation to 49.61% from SAR 309.39 million to SAR 302.34 million through writing off one share for every 2.016 shares held, according to data available with Argaam.