Logo of Al Hassan Ghazi Ibrahim Shaker Co.
Al Hassan Ghazi Ibrahim Shaker Co.’s (Shaker) board of directors approved, today, Nov. 10, amending the previous recommendation on cutting and then increasing capital, according to a bours statement.
|
Key Figures of the Capital Reduction |
|
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Current capital |
SAR 630 mln |
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Number of shares |
63 mln |
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New capital |
SAR 482.33 mln |
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New number of shares |
48.23 mln |
|
Reduction percentage |
23.44% |
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Reason of reduction |
To write off accumulated losses amounting to SAR 147.66 million as on Sept. 30, 2021 |
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Date of reduction |
End of second trading day after the extraordinary general meeting (EGM) date |
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Method of Reduction |
Writing off 14.77 mln shares (2.34 shares for every 10 shares) |
The company added that the decision was due to the improvement in its operations and ability to reduce its accumulated losses from around 25.3% to around 23.4% of capital.
"There is no effect from the capital cut on the company's financial obligations, operations, or financial, operational and organizational performance," the firm noted.
Shaker will duly announce relevant developments when submitting the capital cut and increase application to the Capital Market Authority (CMA) to obtain its approval.
In September, Shaker board of directors recommended a 25% capital cut from SAR 630 million to SAR 472.5 million through writing off 15.75 million shares (one share for every four shares), Argaam earlier reported.
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