Shams appoints Adeem Capital as financial advisor for prospective capital cut
21/09/2021
Argaam
Logo of Tourism Enterprise Co. (Shams)
Tourism Enterprise Co. (Shams) named Adeem Capital Co. as financial advisor for its prospective capital cut, the company said in a bourse statement today, Sept. 21.
The step came following the termination of contract term with the previous financial advisor, the statement added.
Last month, the company’s board of directors amended its recommendation on reducing capital to 48.21% from SAR 101.50 million to SAR 52.57 million, due to the losses incurred in Q2 2021, according to data compiled by Argaam.
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