Methanol Chemicals Co.’s (Chemanol) shareholders are set to vote on a 44% capital cut to SAR 674.51 million from SAR 1.21 billion to restructure the company’s capital and offset accumulated losses, during the extraordinary general meeting (EGM) to be held on June 28, 2021.
|
Key Figures of the Capital Reduction |
|
|
Current Capital |
SAR 1.206 bln |
|
Number of shares |
120.6 mln |
|
Reduction (%) |
44.07% (one share for every 2.269 shares held) |
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New Capital |
SAR 674.51 mln |
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New number of shares |
67.45 mln |
|
Method |
Cancellation of 53.15 mln shares |
|
Record date |
End of second trading day after the extraordinary general meeting date |
|
Driver |
To offset SAR 531.5 million in accumulated losses |
The capital cut will have no significant impact on the company’s financial liabilities.
Shareholders will also discuss increasing the capital through a SAR 480 million rights issue.
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Capital Hike Details |
|
|
Current Capital |
SAR 674.51 mln |
|
Number of shares |
67.45 mln |
|
Capital hike percentage |
71.16% |
|
Capital after increase |
SAR 1.1545 bln |
|
Number of shares after increase |
115.45 mln |
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Record date |
Shareholders of record by the close of trading on the second day following the EGM date |
|
Driver |
To raise solvency margin, reduce credit rates and financial charges. |
|
Method |
Offering 48 mln shares through a SAR 480 mln rights issue |
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