Red Sea announces decrease of accumulated losses to 20% of capital

Red Sea International Company announced on Wednesday the reduction of its accumulated losses to 20% of the capital by writing off the total accumulated losses as of 31-03-2022 amounting to SR297,656,000, which represents 49.61% of the company’s capital.
The company said that the shareholders of Red Sea International on 24th July 2022 in an Extra Ordinary General Assembly resolved to reduce the share capital by absorbing accumulated losses amounting to SR297,656,000.