Saudi construction firm Red Sea International to reduce capital by half to $80m 

RIYADH: Red Sea International Co. has received its shareholders’ approval for a 50 percent capital reduction in a bid to support the company’s future plans.

The construction firm will bring down its capital to SR302 million ($80 million) from SR600 million by canceling nearly 30 million shares from its 60 million current shares, a bourse filing showed.

Saudi-listed Red Sea International said the move aims to “extinguish accumulated losses, restructure the company’s capital, and support its future plans.”