Anaam International Holding Group Co.’s board of directors recommended a 92.35% capital cut to SAR 15 million from SAR 196 million, the company said in a statement on Tadawul.

 

The step is intended to offset accumulated losses of SAR 181 million resulting from the application of IFRS to agricultural activity and booking of Zakat provision for previous years in addition to other losses.

 

The company named Al Dukheil Financial Group as financial advisor for the capital cut.

 

The capital cut is pending approval from the general assembly and regulator.

 

Yesterday, Anaam International Holding Group Co. announced that its accumulated losses as of Nov. 10, 2019 reached SAR 181 million, representing 92.3% of the capital, according to data compiled by Argaam.

 

Key Figures of the Capital Reduction

Current Capital

SAR 196 mln

Number of shares

19.6 mln shares

Reduction (%)

92.35% (92.35 for every 100 shares)

New Capital

SAR 15 mln

New number of shares

1.5 mln shares

Method

Canceling 18.1 mln shares

Record date

General assembly meeting

Driver

To offset accumulated losses of SAR 181 mln

 

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