Dammam-based Ash-Sharqiyah Development Co. on Wednesday hired Wasatah Capital as financial advisor for its capital reduction program, the company said in a statement to Tadawul on Thursday.

 

The agriculture company’s board of directors has proposed a 38.8 percent capital cut from SAR 75 million to SAR 45.9 million, by cancelling 2.9 million shares (one share per 2.577 shares), in order to offset accumulated losses.

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