Nama Chemicals cuts accumulated losses

Nama Chemicals Co. has reduced its accumulated losses to SAR 52.1 million, or 22.17 percent of capital, the company said in a statement to Saudi bourse, Tadawul.

 The company said it will follow the Capital Market Authority’s (CMA) instructions and procedures for listed companies with accumulated losses over 20 percent and less than 35 percent of capital.

The company’s general assembly recently approved an 81.7 percent capital reduction to SAR 235.2 million from SAR 1,285.2 million through writing off 105 million shares.