Al Kathiri Holding Board Recommends Capital Reduction, Rights Issue

02:11 AM EDT, 09/07/2026 (MT Newswires) -- Al Kathiri Holding (SASE:3008) board amended its previous recommendation for share capital reduction to add a follow-up capital raise through a rights issue. The investment group plans to reduce share capital by cancelling 206,744,590 shares to offset accumulated losses, according to a Monday release. Under the proposed reduction, it will reduce its share capital to 9.6 million Saudi riyals from 113 million riyals. Following the capital reduction, the company intends to raise 150 million riyals through a rights issue. Proceeds will be used to support the financial position, fund the operational and strategic plan, and repay debt. The planned capital reduction and the rights issue remain subject to shareholder approval and regulatory clearances.