Naseej International Trading Co.’s board of directors adjusted its previous recommendation for capital cut to 65.4%, instead of 43.4%, in light of the losses recorded in Q3 2020, according to a bourse statement.

 

Key Figures of Capital Cut

Current Capital

SAR 178.16 mln

Number of shares

17.82 mln shares

Reduction (%)

65.4%

New Capital

SAR 61.63 mln

New number of shares

6.16 mln

Method

Writing off 11.65 million shares (one share for every 1.529 shares held)

Reason

Offset SAR 116.53 million in accumulated losses

Date of Reduction

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

 

The capital reduction is pending the approval of relevant official authorities and the company's extraordinary general assembly.

 

The capital reduction will not have a material impact on the company’s financial liabilities, the statement added.

 

In September, the company's board of directors made a recommendation on reducing capital by 43.4%, from SAR 178.16 million to SAR 100.76 million, to offset accumulated losses, according to Argaam data.

 

The board of directors also recommended a capital hike through SAR 150 million rights issue to be implemented following the capital cut.

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