Nama Chemicals gets CMA nod for capital cut

Saudi Arabia’s market regulator, the Capital Market Authority (CMA), has approved Nama Chemicals’ request to cut its capital to SAR 235.2 million from SAR 1.3 billion.

Accordingly, the number of outstanding shares will be cut to 23.52 million from 128.52 million, the market regulator said in a statement on Thursday.

The decision is still subject to shareholders’ approval, the CMA added.

In December, the Jubail-based company’s board of directors had recommended an 81.7 percent capital cut through canceling one share for each 1.2244 outstanding shares to offset losses.