Logo of Tourism Enterprise Co.

Tourism Enterprise Co.’s (Shams) shareholders are set to vote on the board’s recommendation on 48.21% capital reduction to SAR 52.57 million from SAR 101.5 million, during the extraordinary general assembly meeting (EGM) that will be held on Dec. 9.

 

Key Figures of the Capital Reduction

Current Capital

SAR 101.50 mln

Number of Shares

10.15 mln

Reduction (%)

48.2% (1 share for every 2.074 shares)

New Capital

SAR 52.57 mln

New Number of Shares

5.26 mln

Method

Writing off 48.93 mln shares

Date of reduction

End of second trading day after the EGM date, during which it was decided to reduce capital

Reason

Offset SAR 4.89 mln in accumulated losses

 

 

Shams emphasized that the capital cut process will have no impact on its financial and operating obligations.

 

The EGM’s agenda includes voting on amending a number of articles of the company's articles of association.

 

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