Raydan EGM approve 53.16% capital cut; stock halted for 2 sessions

A branch of Raydan Food Co.

Raydan Food Co.'s shareholders approved decreasing capital by 53.16% from SAR 337.50 million to SAR 158.08 million, to offset accumulated losses, during the extraordinary general assembly meeting (EGM) held on Oct. 5, according to a bourse statement.

Raydan said that there is no material effect of reducing capital on its obligations.

In a separate statement, the Saudi Exchange (Tadawul) said the fluctuation limits for the stock will be based on a share price of SAR 27.35 and the outstanding orders will be canceled.

Furthermore, the stock will be suspended as per the Listing Rules for two business days, starting today, Oct. 6.

The Securities Depository Center Co. (Edaa) will reflect shares reduction on investors’ portfolios, and the stock will resume trading as of Sunday, Oct. 9.