Shams accumulated losses decrease to 1% of capital

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Tourism Enterprise Co. (Shams) announced a decrease in accumulated losses to SAR 569,814, equivalent to 1% of the company's capital.

The company said in a bourse statement that the decrease in losses came after reducing the company's capital from SAR 101.5 million to SAR 52.6 million, based on the approval of the extraordinary general assembly held on Dec. 9.

According to data compiled by Argaam, the company’s shareholders approved the board of directors’ recommendation to reduce the company's capital to SAR 52.57 million, or 48.21%, in order to offset the accumulated losses of SAR 48.93 million.