Shaker files for capital cut, rights issue with CMA

23/12/2021 Argaam

Logo of Al Hassan Ghazi Ibrahim Shaker Co.

Al Hassan Ghazi Ibrahim Shaker Co. (Shaker) submitted, on Dec. 23, its capital reduction file and rights issue application to increase capital to the Capital Market Authority (CMA).

 

The company will announce updates regarding this matter in due course.

 

The approval of the extraordinary general assembly meeting (EGM) on the planned capital increase is conditional on the EGM’s approval for the proposed reduction of the capital, the company said in a statement to Tadawul.

 

In September, Shaker’s 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 reported.

 

The board of directors recommended a capital increase through a SAR 250 million rights issue to be implemented following the capital reduction.

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