Logo of Al-Baha Investment and Development Co.
Al-Baha Investment and Development Co.’s board of directors recommended, on May 21, a 25% capital decrease from SAR 297 million to SAR 222.75 million.
The proposal aims to offset 90.83% of the company’s accumulated losses, which stand at SAR 81.74 million as of March 31, 2022.
|
Key Figures of the Capital Reduction |
|
|
Current Capital |
SAR 297 mln |
|
Number of Shares |
29.70 mln |
|
Reduction (%) |
25% (writing off one for every four shares) |
|
New Capital |
SAR 222.75 mln |
|
New Number of Shares |
22.28 mln |
|
Reason |
To write off SAR 74.25 mln accumulated losses |
|
Method of Reduction |
Writing off 7.43 million shares |
|
Date of Reduction |
End of second trading day after the extraordinary general meeting (EGM) date |
Al-Baha added that there is no material impact from the planned capital reduction on its financial obligations. The decision is pending final approvals from the related regulatory authorities and the company’s extraordinary general assembly meeting (EGM).
The company will make an announcement upon appointing a financial advisor on the capital reduction, the statement added.
Further announcements will be announced in due course.
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