RIYADH: The board of one of º£½ÇÖ±²¥â€™s largest hospitality firms, Abdulmohsen Alhokair Group for Tourism and Development, has proposed a 46-percent capital cut.
Subject to shareholders’ approval, the plan includes reducing the company’s share capital from SR650 million ($173 million) to SR350 million, according to a bourse filing.
The move is to “amortize 98 percent of accumulated losses,†the company said.
Yaqeen Capital has been appointed as a financial advisor to manage the capital reduction process and all related procedures.
