Shams submits capital cut application to CMA

10/10/2021 Argaam

Logo of Tourism Enterprise Co.

Tourism Enterprise Co. (Shams) submitted today, Oct. 10, a request for capital reduction to the Capital Market Authority (CMA), according to a bourse filing.

 

On Aug. 24, the company's board of directors approved amending the recommendation on reducing capital by 48.21% to SAR 52.57 million due to the losses incurred in Q2 2021, according to data compiled by Argaam.

 

Last month, Shams named Adeem Capital Co. as financial advisor for its prospective capital cut.

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