Wafrah for Industry & Development Co.’s (Wafrah) shareholders are set to vote on a 61.4% capital cut to SAR 77.17 million from SAR 200 million during the extraordinary general assembly meeting to be held on April 1, the company said in a statement on Tadawul.

 

The capital cut will be through writing off 12.28 million shares, in order to offset accumulative losses worth SAR 122.83 million.

 

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

Cancelling 12.28 mln shares

Driver

To offset accumulated losses worth SAR 122.83 mln as of Dec. 31, 2019.

Capital cut date

End of the second trading day following the meeting

 

According to data compiled by Argaam, the Capital Market Authority (CMA) approved, on March 24, the request of Wafrah to cut capital from SAR 200 million to SAR 77.17 million, thus reducing the number of shares from 20 million to 7.7 million.

Comments {{getCommentCount()}}

Be the first to comment

{{Comments.indexOf(comment)+1}}
{{comment.FollowersCount}}
{{comment.CommenterComments}}

رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}

{{comment.DisplayName}} حساب موثّق

{{comment.ElapsedTime}}
loader Train
loader Train
Sorry: the validity period has ended to comment on this news
Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.

Related News

Wafrah gets CMA's nod on capital cut

Popular Links

Quick Links

Join Us

Argaam.com Copyright © 2025, Argaam Investment, All Rights Reserved
Call Request