Naseej shareholders to vote on 48.5% capital cut on July 18

Logo of Naseej International Trading Co.

Naseej International Trading Co.’s shareholders will vote on the board of directors’ recommendation to cut capital by 48.51% from SAR 211.63 million to SAR 108.97 million, during the extraordinary general meeting (EGM) slated for July 18, according to a bourse statement.

On June 9, the company postponed the EGM due to lack of quorum.

In March, the board of directors recommended a 48.51% capital cut from SAR 211.63 million to SAR 108.97 million through writing off 10.27 million shares (0.485 share for every one share), according to data available with Argaam.