RIYADH: Abdulmohsen Alhokair Group for Tourism and Development, one of ¶¶Òõ¶ÌÊÓƵ’s largest hospitality firms, has invited its shareholders to vote for a capital reduction of 52 percent.
Alhokair Group’s plan calls for reducing the company’s 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 “amortize 98 percent of accumulated losses,â€
Earlier this week, Alhokair was granted approval by the Capital Market Authority for the capital cut.
