Logo of Naseej International Trading Co

The Capital Market Authority's (CMA) board approved today, May 11, an application from Naseej International Trading Co. to reduce its capital from SAR 211.63 million to SAR 108.97 million, the market regulator said in a statement.

 

This decision is conditional on the company's extraordinary general assembly (EGM) approval and completion of the necessary regulatory measures.

 

 The company will publish a disclosure document to its shareholders related to the proposed method of capital reduction and the expected impact of this process within sufficient time prior to the EMG meeting to enable shareholders to vote on the capital decrease.

 

Last March, Naseej board of directors recommended a 48.51% capital cut from SAR 211.63 million to SAR 108.97 million to offset losses, Argaam reported.

 

Capital Reduction Highlights

Current Capital

SAR 211.63 mln

Number of Shares

21.16 mln

Reduction (%)

48.51%

New Capital

SAR 108.97 mln

New Number of Shares

10.90 mln

Reason

To offset SAR 102.66 mln accumulated losses

Date of Reduction

By the close of the second trading day after the EGM date

Method of Reduction

Writing off 10.26 million shares (0.485 share for every one share)

 

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