AIND files request to FRA for capital reduction

Arabia Investment and Development Holding’s (AIND) board of directors submitted a request to the Financial Regulatory Authority for a capital reduction to EGP 144 mn from EGP 480 mn. The company’s board of directors approved last week a decision to reduce both issued and authorized capital by EGP 336 mn to EGP 144.2 mn, and EGP 4.6 bn to EGP 1.4 bn, respectively, through a 70% reduction in the share’s par value.