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Saudi’s Thimar Board Recommends Capital Cut by Half to Write Off Losses

National Agriculture Marketing Co., known as Thimar (THIMAR), said its board recommended the company’s capital be cut by half to 50 million riyals ($13 million) to write off losses, according to a statement to the Saudi bourse today.

The Riyadh-based company will hold an extraordinary shareholding meeting in January to vote on the proposal after getting regulatory approval, it said.

To contact the reporter on this story: Mourad Haroutunian in Riyadh at mharoutunian@bloomberg.net

To contact the editor responsible for this story: Nasreen Seria at nseria@bloomberg.net

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