Thimar Board Recommends Capital Cut by Half to Write Off Losses

Dec. 10 (Bloomberg) -- National Agriculture Marketing Co., known as 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.

Link to Company News:{THIMAR AB <Equity> CN <GO>}

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