Riyadh – Mubasher: The board members of Fawaz Abdulaziz Al-Hokair Company (Cenomi Retail) recommended a 91.28% capital cut to SAR 100 million from SAR 1.14 billion.
The board proposed the capital reduction, on 31 March 2024, to offset the company’s accumulated losses, according to a bourse disclosure.
Subject to the regulatory approvals, Cenomi Retail will cancel 104.76 million shares of its stock. Hence, the number of the company’s shares will stand at 10 million shares, instead of 114.76 million.
In 2023, the Tadawul-listed company incurred net losses valued at SAR 1.11 billion, compared to net profits worth SAR 36.90 million in 2022.
The accumulated losses hit SAR 1.40 billion as of 31 December 2023, equivalent to 122.30% of the SAR 1.14 billion.
