“SIIG” recommends reducing the company’s capital by 10%

Saudi Industrial Investment Group announced the Board of Directors’ recommendation to reduce the company’s capital due to its excess of the company’s needs.

According to the company, the capital will be reduced from 754.8 million riyals to 679.3 million riyals by 10%.

It indicated that the method of reducing the capital is to cancel 10% of the number of shares and compensate the shareholders for that.

It noted that the reduction process will be financed by using the company’s surplus cash resources, with all details announced through a circular to shareholders in accordance with the regulatory procedures.