A branch of Raydan Food Co.
Raydan Food Co.'s shareholders will vote on the board’s recommendation to decrease the company's capital by 53.16% from SAR 337.50 million to SAR 158.08 million, to offset accumulated losses, during the extraordinary general assembly meeting (EGM) to be held on Oct. 5.
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Capital Decrease Details |
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Current Capital |
SAR 337.50 mln |
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Number of Shares |
33.75 mln |
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Capital Decrease % |
53.16% (canceling 1.06 shares for every two shares held) |
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New Capital |
SAR 158.08 mln |
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New Number of Shares |
15.81 mln |
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Reason |
Restructuring the company’s capital to offset 100% of accumulated losses as on June 30, 2022 |
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Capital Reduction Method |
Canceling 17.94 million shares |
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Date of Reduction |
End of second trading day after the EGM date |
In a statement to Tadawul, Raydan said that there is no material effect of reducing capital on its obligations.
Raydan’s accumulated losses stood at 53.16%, or SAR 179.42 million, of the company's SAR 337.50 million capital, on June 30, 2022, according to Argaam's data.
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