A branch of Raydan Food Co.
Raydan Food Co.'s shareholders approved decreasing 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) held on Oct. 5, according to a bourse statement.
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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 |
Raydan said that there is no material effect of reducing capital on its obligations.
In a separate statement, the Saudi Exchange (Tadawul) said the fluctuation limits for the stock will be based on a share price of SAR 27.35 and the outstanding orders will be canceled.
Furthermore, the stock will be suspended as per the Listing Rules for two business days, starting today, Oct. 6.
The Securities Depository Center Co. (Edaa) will reflect shares reduction on investors’ portfolios, and the stock will resume trading as of Sunday, Oct. 9.
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