Al Hokair Group logo
Al Hokair Group for Tourism and Development submitted today, Dec. 31, its capital cut file and a request to raise capital by offering an SAR 307 million rights issue to the Capital Market Authority (CMA) for approval.
Al Hokair will reduce its capital by SAR 207 million, the group said in a statement to Tadawul.
The related developments will be announced in due course, the statement added.
Last October, the group’s board of directors recommended capital reduction by 37.64% from SAR 550 million to SAR 343 million, by cancelling 20.7 million shares to offset accumulated losses, Argaam reported.
Meanwhile, the board of directors also recommended a capital increase through SAR 307 million rights issue, to boost solvency and pursue strategic expansions.
|
Key Figures of the Capital Cut |
|
|
Current Capital |
SAR 550 mln |
|
Number of shares |
55 mln shares |
|
Reduction (%) |
37.64% |
|
New Capital |
SAR 343 mln |
|
New number of shares |
34.3 mln shares |
|
Method |
Cancelling 20.7 million shares (1 share for every 2.657 shares) |
|
Reason |
Restructuring the company’s capital to offset accumulated losses reaching SAR 207 million as on Sep. 30, 2020 |
|
Date |
The second trading day after the company’s extraordinary general meeting (EGM) |
Comments {{getCommentCount()}}
Be the first to comment
رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}
{{comment.DisplayName}}
{{comment.ElapsedTime}}