Logo of Fawaz Abdulaziz Alhokair Co.
Fawaz Abdulaziz Alhokair Co.’s shareholders will vote on the board of directors’ recommendation to reduce capital to SAR 1.15 billion, during the extraordinary general meeting (EGM) slated for June 29, according to a bourse statement.
The capital reduction aims to offset the company’s accumulated losses.
|
Key Figures of the Capital Cut |
|
|
Current Capital |
SAR 2.1 bln |
|
Number of Shares |
210 mln |
|
Reduction (%) |
45.3% (1 share for every 2.205 shares) |
|
New Capital |
SAR 1.147 bln |
|
New Number of Shares |
114.8 mln |
|
Date of Reduction |
By the close of the second trading day after the EGM date |
|
Method |
Writing off 95.23 mln shares |
Meanwhile, shareholders will vote on amending bylaws related to the company’s activities, capital, subscription, committees’ reports and financial documents.
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