Raydan Food says accumulated losses extinguished after capital cut

A branch of Raydan Food Co.

Raydan Food Co. said accumulated losses had been extinguished, it said in a statement to Tadawul.

The losses were extinguished as the company cut capital from SAR 337.5 million to SAR 158.1 million. 

The company shareholders approved decreasing capital by 53.16% from SAR 337.50 million to SAR 158.08 million, to offset accumulated losses, during the extraordinary general assembly meeting (EGM) held on Oct. 5, according to data available with Argaam.