SIDC shareholders to vote on 66.25% capital cut on Sept. 19

28/08/2024 Argaam

SIDC shareholders to vote on 66.25% capital cut on Sept. 19

Logo of Saudi Industrial Development Co. (SIDC)

Shareholders of Saudi Industrial Development Co. (SIDC) will discuss the board’s proposal for reducing the company’s capital by 66.25% to SAR 135 million from SAR 400 million.

 

Capital Cut Details

Current Capital

SAR 400 mln

Number of Shares

40 mln

New Capital

SAR 135 mln

New Number of Shares

13.5 mln

Percentage of Decrease

66.25% (Writing off 0.6625 share for each share held)

Reason

To restructure capital and offset accumulated losses 

Date of Capital Reduction

Sept. 17, 2024 (Shareholders registered with Edaa by the close of the second trading day following the EGM date)

Method

Writing off 26.5 mln shares
 

The move will have no impact on the company’s liabilities or its financial, operational or organizational performance. It will not change shareholders’ stakes, SIDC said in a statement to Tadawul.

 

For more news on listed companies

 

This meeting will be the third and will be valid whatever is the number of representing shares.

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