Al Sorayai shareholders to vote on 40% capital cut on Dec. 28

Al Sorayai Trading and Industrial Group Co. has invited its shareholders to attend an extraordinary general assembly meeting on Dec. 28 to vote on a 40 percent capital reduction, the company said in a statement to Tadawul on Thursday.

Al Sorayai is planning to reduce its capital to SAR 225 million from SAR 375 million to offset accumulated losses, through writing down 15 million shares and cutting the  total number of shares to 22.5 million.

No financial impact is likely to show on the company's liabilities, the statement added.

Shareholders will also vote on using the company's total statutory reserve of SAR 33.1 million and the total general reserve at SAR 2.3 million to partially offset accumulated losses.

Board remuneration will be also discussed in the meeting.