RIYADH: Raydan Food Co. has invited its shareholders to vote on reducing the company’s capital from SR338 million ($90 million) to SR158 million.
This reduction plan was made in order to restructure the company’s capital structure to recover losses, according to a bourse filing.
Raydan Food reported earlier that its accumulated losses reached SR179 million in the first half of the year, representing 53 percent of its share capital.
Earlier this month, Raydan received the Capital Market Authority's approval for capital reductions.
