Shaker says accumulated losses fully offset after capital cut

Logo of Al Hassan Ghazi Ibrahim Shaker Co.

Al Hassan Ghazi Ibrahim Shaker Co.’s accumulated losses dropped to zero following capital reduction by SAR 147.67 million.

This came after shareholders agreed at the extraordinary general meeting (EGM) to reduce capital, the company said in a bourse statement.

On May 15, Shaker’s shareholders approved the board's recommendation on decreasing capital by 23.4% from SAR 630 million to SAR 482.33 million to restructure capital and offset accumulated losses, according to data compiled by Argaam.

Click to view the auditor's report showing the company’s financial position after the decrease in accumulated losses: