Al-Khodari approves capital restructuring to offset losses

Abdullah A. M. Al-Khodari Sons Company’s general assembly has approved a capital restructuring through multiple steps including a capital hike and a capital cut to offset accumulated losses above 50 percent of paid-in capital, the company said in a bourse statement.

The process is pending approvals from regulatory bodies.

Shareholders have also rejected financial restructuring under the bankruptcy system and refused to dissolve the company.

Al-Khodari’s accumulated losses as of Feb. 12, 2019 widened to SAR 1.11 billion representing 198.52 percent of capital, Argaam reported earlier.