Saudi food chain Raydan wins CMA’s approval to cut capital by 53%

RIYADH: Raydan Food Co. has been given the go-ahead from Saudi Arabia’s market’s watchdog to reduce its capital by 53 percent.

The company is cutting its capital from SR338 million ($90 million) to SR158 million, according to a bourse filing, and has now received approval from the Capital Market Authority.

This reduction plan was made in order to restructure the company’s capital structure in order to recover losses.