RIYADH: The Saudi-listed Red Sea International Co. has received the Capital Market Authority’s approval to reduce its capital by 49.6 percent.
The capital reduction is from SR600 million ($159.8 million) to SR302 million, while the number of shares will decrease from 60 million shares to 30.23 million shares, according to a statement.
The approval is conditional on the firm’s general assembly approval and completion of the necessary procedures in relation to the applicable regulations.