Logo of Tourism Enterprise Co.

The Capital Market Authority (CMA) approved a request by Tourism Enterprise Co. (Shams) to reduce its capital to SAR 52.57 million from SAR 101.5 million, the market regulator said in a statement today, Nov. 2.

 

Accordingly, the number of shares will be reduced from 10.15 million to 5.26 million.

 

The CMA nod is conditional on the company’s extraordinary general meeting (EGM) approval and completion of necessary procedures.

 

According to data compiled by Argaam, the board of directors recommended last August, to reduce capital by 48.2%, followed by an increase by SAR 315.4 million through offering priority rights shares.

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