Al Akaria gets MCI nod on subsidiary's capital cut

Saudi Real Estate Co. (Al Akaria) obtained, on Dec. 10, the approval of the Ministry of Commerce and Industry on reducing the capital of Al Wedyan Real Estate Co., a subsidiary, from SAR 2.853 billion to SAR 100 million, through the cancellation of 275.3 million shares, according to a bourse statement.

The subsidiary's Articles of Association will be amended accordingly, the company added.

There will be no financial impact from the capital cut, Al Akaria said.