Hospitality giant Alhokair calls for shareholder vote on 52% capital cut

Arab News
Alhokair Group鈥檚 plan calls for reducing the company鈥檚 share capital by SR650 million ($173 million) to SR315 million. (Supplied)
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RIYADH: Abdulmohsen Alhokair Group for Tourism and Development, one of 抖阴短视频鈥檚 largest hospitality firms, has invited its shareholders to vote for a capital reduction of 52 percent.

Alhokair Group鈥檚 plan calls for reducing the company鈥檚 share capital by SR650 million ($173 million) to SR315 million, according to a bourse filing

The hospitality giant said that the move was made in order to 鈥渁mortize 98 percent of accumulated losses,鈥�

Earlier this week, Alhokair was granted approval by the Capital Market Authority for the capital cut.

Topics: Saudi hospitality CMA Capital