Tadawul halts trading on Fitaihi shares for 2 days to implement capital cut

A branch of Fitaihi Holding Group

The Saudi Exchange (Tadawul) said that a trading halt will be placed on Fitaihi Holding Group’s shares for two business days as of today, Sept. 6, until the Securities Depository Center Co. (Edaa) reflects shares reduction on investors’ portfolios.

The trading halt will be lifted by the end of trading on Tuesday, Sept. 7, with the fluctuation limit based on a stock price of SAR 57.30. Outstanding orders will be also cancelled.

According to data compiled by Argaam, the company said that creditors’ objection period ended yesterday, Sept. 5, with no claims received.

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. The capital cut will be through writing off 27.5 million shares, on having a capital surplus.