Wafrah for Industry & Development Co. said it submitted a capital reduction request to the Capital Market Authority (CMA), according to a bourse statement.

 

The relevant updates will be unveiled in due course, the statement added.

 

Last week, Wafrah's board of directors recommended a 61.4% capital cut to SAR 77.17 million from SAR 200 million, Argaam reported.

 

The step is intended to offset accumulated losses of SAR 122.83 million as of Dec. 31, 2019.

 

Key Figures of the Capital Reduction

Current Capital

SAR 200 mln

Number of shares

20 mln shares

Reduction (%)

61.4% (1 for every 1.628 shares)

New Capital

SAR 77.2 mln

New number of shares

7.7 mln shares

Method

Canceling 12.28 mln shares

Record date

The second day following the general meeting (end of day)

Driver

To offset accumulated losses of SAR 122.83 mln

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Wafrah recommends 61.4% capital cut to offset losses

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