Saudi Arabia’s Capital Markets Authority (CMA) has conditionally approved Keir International Company’s request to reduce its capital from SAR 120 million to SAR 33,577,847, cutting the number of shares from 120 million to 33,577,847. The reduction remains subject to approval by the company’s extraordinary general assembly and completion of the necessary regulatory procedures.
The company will publish a disclosure document explaining the proposed reduction method and its expected effects sufficiently ahead of the assembly meeting to inform shareholders’ vote. The CMA’s approval confirms that regulatory requirements under the Capital Market Law and its implementing regulations have been met, rather than endorsing the feasibility of the reduction.