Logo of Saudi Industrial Development Co. (SIDC)
Shareholders of Saudi Industrial Development Co. (SIDC) approved the board’s proposal to cut capital by 66.25% from SAR 400 million to SAR 135 million during the extraordinary general meeting (EGM) held on Sept. 19, as follows:
|
Capital Reduction 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 Reduction |
66.25% (Writing off 0.6625 share for each share held) |
|
Reason |
Restructuring capital to offset accumulated losses |
|
Date of Capital Reduction |
Sept. 19, 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. In addition, it will not change shareholders’ stakes, SIDC said in a statement to Tadawul.
Meanwhile, Tadawul said in a separate statement that the stock fluctuation limit will be based on a share price of SAR 28.20 today, Sept. 22. Outstanding orders will also be cancelled.
A trading halt will be placed on the stock for two business days as of today, and Edaa will deposit the new shares in shareholders’ portfolios. The suspension on the stock will lift by the end of Sept. 24.
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