Logo ofKeir International Co.
Keir International Co. submitted a request to reduce its capital from SAR 120 million to SAR 33.58 million to the Capital Market Authority (CMA) on Oct. 11. 
In a statement to Tadawul, the company said the proposed capital reduction is subject to the approval of the relevant regulatory authorities and the extraordinary general meeting (EGM).
Keir added that it will disclose any material developments in due course.
According to data available with Argaam, Kier’s board of directors recommended in September reducing the company’s capital by 72.018% through the cancellation of 86.42 million shares, equivalent to 0.7202 shares for each share held, to offset accumulated losses.
The company announced in late August that its accumulated losses had declined to SAR 86.4 million, representing 72% of its capital, after previously exceeding half of its capital.
Logo ofKeir International Co.
Keir International Co. submitted a request to reduce its capital from SAR 120 million to SAR 33.58 million to the Capital Market Authority (CMA) on Oct. 11.
In a statement to Tadawul, the company said the proposed capital reduction is subject to the approval of the relevant regulatory authorities and the extraordinary general meeting (EGM).
Keir added that it will disclose any material developments in due course.
According to data available with Argaam, Kier’s board of directors recommended in September reducing the company’s capital by 72.018% through the cancellation of 86.42 million shares, equivalent to 0.7202 shares for each share held, to offset accumulated losses.
The company announced in late August that its accumulated losses had declined to SAR 86.4 million, representing 72% of its capital, after previously exceeding half of its capital.
