Tourism Enterprise Co.’s (Shams) board of directors has recommended a 20.5 percent capital reduction to SAR 80.69 million from SAR 101.5 million to restructure the company’s capital, offset accumulated losses and support future growth, the company said in a statement on Tadawul.

 

There is no significant impact of the capital reduction on the company's liabilities or operations, the statement added.

 

The board has also recommended raising the company’s capital afterwards to SAR 161.39 million through a rights issue.

 

Both processes, the capital cut and capital hike, are pending approval from the general assembly and regulator.

 

The company has named Aljazira Capital to advise on its prospective capital cut and capital hike.

 

Key Figures of the Capital Reduction

Current Capital

SAR 101.5 mln

Number of shares

10.15 mln shares

Reduction (%)

20.5%

New Capital

SAR 80.69 mln

New number of shares

8.07 mln shares

Method

Cancellation of 2.08 mln shares

Driver

To restructure capital and offset accumulated losses

 

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