Al Sorayai cuts accumulated losses to 11% of capital

Al Sorayai Trading and Industrial Group has reduced its accumulated losses to SAR 7.49 million, or 11.43 percent of its SAR 65.5 million capital, the company said in a statement to Tadawul.

Losses narrowed following a 70.89 percent capital cut, Al Sorayai added.

On Aug. 28, 2019, the group’s shareholders approved reducing capital to SAR 65.5 million from SAR 225 million through cancelling 15.95 million shares to offset accumulated losses, Argaam reported.