Saudi retailer Alhokair receives CMA approval to reduce capital to $304m

RIYADH: Fawaz Abdulaziz Alhokair Co. received the Capital Market Authority’s approval to reduce its capital to SR1.14 billion ($304 million), from SR2.1 billion.

The number of shares will be about 114 million shares, from 210 million, according to a statement by CMA.

Founded in 1990, the Saudi-listed company has grown to be one of the largest retailers in the Kingdom, Middle East and North Africa, Central Asia, and the Caucasus regions.