Anaam gets regulatory approval on capital cut

The Capital Market Authority (CMA) approved Anaam International Holding’s request to reduce its capital from SAR 196 million to SAR 15 million, according to an official statement.

Thus, the number of shares will be reduced from 19.6 million to 1.5 million shares.

The capital cut is pending the approval of the company’s extraordinary general meeting, the statement added.

Anaam submitted on Dec. 1 a request to the CMA to cut its capital by 92.35%. In late November, the company’s board of directors recommended a 92.35% capital cut to SAR 15 million from SAR 196 million.