Logo of Saudi Industrial Development Co. (SIDC)
Saudi Industrial Development Co.'s (SIDC) shareholders are set to vote on cutting the company’s capital by 66.25%, or SAR 135 million, during the extraordinary general meeting (EGM) that will be held on Aug. 27, as the following table illustrates:
|
Capital Reduction Details |
|
|
Current Capital |
SAR 400 mln |
|
Number of Shares |
40 mln |
|
New Capital |
SAR 135 mln |
|
Number of Shares |
13.5 mln |
|
Percentage of Reduction |
66.25% (0.6625 per share held) |
|
Reason |
Restructuring capital to offset accumulated losses |
|
Date |
Aug. 27, 2024 (Shareholders registered with Edaa at the end of the second trading day following the EGM date). |
|
Method |
Writing off 26.5 mln shares |
The capital reduction will not materially affect SIDC’s commitments, operations, financial or operational performance, or regulatory compliance, nor will it alter any shareholder's stake, the company added.
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