Wafrah appoints financial advisor for capital cut

15/01/2020 Argaam

 

Wafrah for Industry and Development Co. appointed Wasatah Capital as financial advisor for its capital reduction, the company said in a bourse statement on Wednesday.

 

The company will also submit a request to the Capital Markets Authority (CMA) to reduce its capital.

 

In December 2019, Wafrah’s board of directors recommended a 49.44% capital cut to SAR 101.12 million, from SAR 200 million to offset the accumulated losses

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