Arab News, Monday, Aug 15, 2022 | Muharram 17, 1444
Red Sea International reduces $80m capital to write off accumulated losses
Saudi Arabia: Red Sea International
Co. said its accumulated losses have dropped to zero, following an SR298 million
($80 million) capital reduction.
The Saudi-listed construction firm brought down
its capital to SR302 million from SR600 million, by canceling nearly 30 million
shares, according to a bourse filing.
The purpose of the transaction was to extinguish
accumulated losses, which amounted to almost 58 percent of the capital, or SR346
million, as of June end.
Most recently, Red Sea International reported that
its net loss widened by 7 percent to SR67 million in its financial results for
the first half of 2022.