AlBaha gets CMA nod on 40% capital cut

The Capital Market Authority (CMA) has approved AlBaha Investment & Development Co.’s request to reduce its capital by 40 percent from SAR 295 million to SAR 177 million to offset accumulated losses, the Saudi market regulator said on Tuesday.

AlBaha’s shares will be cut from 29.5 million to 17.7 million by cancelling four shares for every ten outstanding shares. The capital reduction is pending the approval of the extraordinary general meeting.