Al-Hassan Ghazi Ibrahim Shaker Saudi Arabia announced that it has extinguished all accumulated losses by reducing the capital by 147.7 million riyals.
The company’s board of directors had recommended on November 10, 2021, to reduce the company’s capital by 23.44%, and the company’s shareholders had agreed during the extraordinary general assembly on May 15th.
In a statement posted on the Saudi “Tadawul” Group website, the company stated that the amount of accumulated losses is currently zero.
Al Hassan Ghazi Ibrahim Shaker Company had announced the reduction of its capital from 630 million riyals to 482.3 million riyals, based on the approval of the extraordinary general assembly.
