Fitaihi Holding Group headquarters

Fitaihi Holding Group said in a bourse statement that creditors’ objection period ended yesterday, Sept. 5, with no claims received. 

 

Therefore, the company will reduce capital by 50% to SAR 275 million from SAR 550 million through cancelling 27.5 million shares.

 

Key Figures of Capital Reduction

Current Capital

SAR 550 mln

Number of Shares

55 mln

Reduction (%)

50% (canceling 1 for every 2 outstanding shares)

New Capital

SAR 275 mln

New Number of Shares

27.5 mln

Method

Writing off 27.5 mln shares and paying shareholders compensation for the canceled shares at a nominal value of SAR 10/share.

Reason

Excess of capital above needs

Date

 Effective for all the shareholders who own shares at the end of trading on Sept. 5, and are registered in the shareholders’ register with the Securities Depository Center Co.

 

Fitaihi’s shareholders approved a 50% capital cut to SAR 275 million from SAR 550 million, during the extraordinary general assembly meeting (EGM) held on July 7, Argaam earlier reported.

 

The creditors’ objection period began on July 8, for a period of 60 days, and ended on Sept. 5.

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