Alhokair Group files for capital reduction with CMA

08/09/2022 Argaam
Logo ofAlhokair Group

Logo of Alhokair Group

Abdulmohsen Alhokair Group for Tourism and Development submitted today, Sept. 8, a request for capital reduction to the Capital Market Authority (CMA), the group said in a bourse filing.

 

The company will announce any future developments in due course.

 

In late August, Alhokair Group’s board of directors updated its previous proposal to reduce capital, Argaam earlier reported.

 

The board recommended cutting capital by 51.54% from SAR 650 million to SAR 315 million, versus its earlier proposal of 46.15% reduction from SAR 650 million to SAR 350 million.

 

The capital reduction aims to offset 98.93% of accumulated losses as of June 30, 2022.

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