Naseej submits capital cut file to CMA

12/11/2020 Argaam


Naseej International Trading Co. submitted, on Wednesday, Nov. 11, its capital cut file to the Saudi Capital Market Authority (CMA) for approval.

 

Any updates regarding this matter will be announced in a due course of time, the company said in a bourse statement.

 

Earlier this week, the company’s board of directors adjusted its previous recommendation for capital cut to 65.4%, instead of 43.4%, in light of the losses realized in Q3 2020, according to data compiled by Argaam.

 

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

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