Logo of Takween Advanced Industries Co.
Takween Advanced Industries Co.’s board of directors approved today, May 11, the amendment of its recommendation to reduce capital by 51.09% from SAR 950 million to SAR 464.65 million, instead of SAR 490.4 million.
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Capital Reduction Details |
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Current Capital |
SAR 950.0 mln |
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Number of Shares |
95.0 mln |
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New Capital |
SAR 464.65 mln |
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New Number of Shares |
46.46 mln |
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Percentage Decrease |
51.09% (equivalent to 1 share for every 1.96 shares) |
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Reason |
To restructure the company's capital to amortize accumulated losses |
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Method |
Writing off 48.54 million shares |
The company did not change its previous recommendation to increase capital, as indicated below:
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Capital Increase Details |
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New Capital |
SAR 464.65 mln |
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Number of Shares |
46.46 mln |
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Pre-Increase Capital |
SAR 764.65 mln |
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Number of Shares |
76.46 mln |
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Percentage Increase |
64.57% |
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Method |
Issuance of priority rights shares worth SAR 300 mln |
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Reason |
To finance working capital and purchase of new machinery to increase sales as per the company's strategy |
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Record Date |
Shareholders of record on the date of the EGM that decides to increase capital and those registered with Edaa on the second trading following the date of the EGM – to be determined later |
The recommendation to reduce the company's capital and subsequently increase it is subject to the approval of the related regulatory authorities and the approval of the company's extraordinary general meeting (EGM).
An announcement will be made later when submitting a request for a reduction and lift in the company's capital to the Capital Market Authority for approval.
There are no costs associated with the move during the current period and the financial impact will be announced later, if any, Takween said.
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