SHAMS Announces Accumulated Losses Decrease to 1% of Capital

The Tourism Enterprise Company (SHAMS) announced on Monday the decrease in share capital of SR48,933,070 through absorbing all accumulated losses.

The Company’s accumulated losses are now 569,814 Saudi riyals, equivalent to 1% of the capital.

The Company indicated on Monday on Tadawul that the measures taken by the Company to decrease accumulated losses represented in reducing the share capital of the Company from SAR101,500,000 to SAR52,566,930 based on the approval of the Extraordinary General Assembly held on 09.12.2021.

This comes with reference to the recommendation of the Board of Directors dated 24.08.2021, regarding the reduction of the Company’s share capital by 48.21%, and, as the Company’s shareholders approved during the Extraordinary General Assembly Meeting held on 09.12.2021.