Alhokair Group headquarters 

Abdulmohsen Alhokair Group for Tourism and Development’s (Alhokair Group) shareholders will vote on the board’s recommendation to reduce capital by 51.54% from SAR 650 million to SAR 315 million, during the extraordinary general meeting (EGM) scheduled for Oct. 6, according to a bourse filing.  

 

Capital will be cut by cancelling 33.5 million shares to offset 98.93% of accumulated losses, amounting to SAR 338.631 million as on June 30, 2022.

 

 Capital Decrease Details

Current Capital

SAR 650 mln

Number of Shares

65 mln 

Capital Decrease Percentage

51.54% (through cancelling 67 shares per each 130 shares issued)

Capital Post-Decrease

SAR 315 mln

Number of Shares Post-Decrease

31.5 mln 

Reason

Restructuring the company’s capital to offset 98.93% of accumulated losses as on June 30, 2022

Capital Reduction Method

Cancelling 33.5 mln shares

 

In June, the company’s board of directors recommended a capital decrease of 46.15% from SAR 650 million to SAR 350 million, according to Argaam.

 

The company’s board of directors, in its meeting held on Aug. 30, revised its previous proposal to reduce capital by 51.54% from SAR 650 million to SAR 315 million, Argaam earlier reported.

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