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

Follow-ups -eshrag News:

Mon, 2022-07-25 09:02

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.”

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