Tadawul sets fluctuation limit for AlBaha after capital cut

AlBaha Investment and Development Co.’s fluctuation limit after its capital reduction will be based on a share price of SAR 22.50, the Saudi Stock Exchange (Tadawul) said in a statement Wednesday.

AlBaha’s shareholders approved on Tuesday a 40 percent capital reduction to SAR 177 million from SAR 295 million.

The company will write off 11.8 million of outstanding shares, or four shares for every ten shares, Argaam earlier reported.

 The capital reduction aims to offset AlBaha’s accumulated losses.