The Saudi Capital Market Authority announced the issuance of its decision approving the request of Wafra Industrial and Development Company to reduce its capital from 200 million riyals to 77.17 million riyals, thus reducing the number of shares from 20 million shares to 7.717 million shares.

According to a statement by the commission today, Tuesday, this approval is conditional upon the approval of the extraordinary general assembly of the company and completion of the relevant procedures and regulatory requirements.

The company will publish a report prepared by it that contains the proposed method for reducing the capital and the expected effects of that reduction sufficiently in advance of the extraordinary general assembly so that shareholders can vote on The decision to reduce the capital.

The Authority’s approval of the company's request to reduce its capital should not be seen as an endorsement of the feasibility of reducing the capital, since the Authority’s decision to approve the company’s request means that it may The regulatory requirements have been complied with according to the Capital Market Law and its implementing regulations.