Wafrah for Industry & Development Co.'s board of directors recommended cutting capital by 49.44% from SAR 200 million to SAR 101.12 million to offset the accumulated losses, the company said in a bourse statement.
The process will have no material impact on Wafrah’s operations, liabilities and performance, the company said, adding the capital reduction is subject to shareholders and regulatory authorities’ approvals.
Wafrah will hire a financial adviser for the capital cut and submit the related request to the Capital Market Authority (CMA) for approval later on.
|
Key Figures of the Capital Reduction |
|
|
Current Capital |
SAR 200 mln |
|
Number of shares |
20 mln shares |
|
New Capital |
SAR 101.1 mln |
|
New number of shares |
10.1 mln |
|
Reduction (%) |
49.438% |
|
Method |
Cancelling 9.9 mln shares |
|
Driver |
To restructure the company’s capital, offset accumulated losses and record zakat provision for previous years along with other impairments |
|
Date |
The second day of trading following the extraordinary general meeting. |
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