Al-Baha submits capital cut application to CMA

11/09/2024 Argaam
Logo ofAl-Baha Investment and Development Co.

Logo of Al-Baha Investment and Development Co.

Al-Baha Investment and Development Co. filed its capital cut application with the Capital Market Authority (CMA), according to a statement to Tadawul today, Sept. 11.

 

The capital decrease is subject to the applicable regulatory approvals and the extraordinary general meeting’s (EGM) voting, it noted.

 

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It added that any future developments in this regard will be duly announced.

 

Al-Baha's board of directors recommended earlier this month a 26.5% capital cut from SAR 297 million to SAR 218.3 million. This is in a bid to offset SAR 78.71 million of its accumulated losses totaling SAR 79.97 million as of June 30, 2024.

 

After the capital reduction, the company's accumulated losses will stand at SAR 1.26 million, or 0.58% of the new capital of SAR 218.30 million, according to Argaam’s data.

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