Wafrah for Industry & Development Co. said it submitted a capital reduction request to the Capital Market Authority (CMA), according to a bourse statement.
The relevant updates will be unveiled in due course, the statement added.
Last week, Wafrah's board of directors recommended a 61.4% capital cut to SAR 77.17 million from SAR 200 million, Argaam reported.
The step is intended to offset accumulated losses of SAR 122.83 million as of Dec. 31, 2019.
|
Key Figures of the Capital Reduction |
|
|
Current Capital |
SAR 200 mln |
|
Number of shares |
20 mln shares |
|
Reduction (%) |
61.4% (1 for every 1.628 shares) |
|
New Capital |
SAR 77.2 mln |
|
New number of shares |
7.7 mln shares |
|
Method |
Canceling 12.28 mln shares |
|
Record date |
The second day following the general meeting (end of day) |
|
Driver |
To offset accumulated losses of SAR 122.83 mln |
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