Abdulmohsen Alhokair Group for Tourism and Development’s (Alhokair Group) board of directors, in its meeting held on Aug. 30, updated its previous proposal to reduce capital, according to a bourse filing.
The board recommended cutting capital by 51.54% from SAR 650 million to SAR 315 million, versus its earlier proposal of 46.15% reduction from SAR 650 million to SAR 350 million.
The recommendation aims to restructure the company’s capital to amortize 98.93% of accumulated losses as on June 30, 2022, the statement added.
|
Capital Decrease Details |
|
|
Current Capital |
SAR 650 mln |
|
Number of Shares |
65 mln |
|
Capital Decrease Percentage |
51.54% (through canceling 67 shares per each issued 130 shares). |
|
Capital after Decrease |
SAR 315 mln |
|
Number of Shares after Decrease |
31.5 mln |
|
Reason |
Restructuring the company’s capital to amortize 98.93% of accumulated losses as on June 30, 2022. |
|
Capital Reduction Method |
Canceling 33.5 million shares |
In June, the company’s board of directors recommended a capital decrease of 46.15% from SAR 650 million to SAR 350 million, according to Argaam.
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