Red Sea cuts accumulated losses to 15.78% of capital

Red Sea International Co. cut accumulated losses to 15.78% of capital, after obtaining the approval of the extraordinary general meeting (EGM) to reduce capital by 49.61% to SAR 302.34 million, according to a bourse filing.

The company’s total accumulated losses stood at SAR 345.67 million, as on June 30, 2022, accounting for 57.61% of the SAR 600 million capital.

In July, shareholders approved the board’s recommendation to cut capital by 49.61% from SAR 600 million to SAR 302.34 million, Argaam reported.