Logo of Al-Baha Investment and Development Co
Al-Baha Investment and Development Co.’s shareholders will vote on reducing capital by 26.5% from SAR 297 million to SAR 218.30 million, during an extraordinary general assembly meeting, to be held on Nov. 26, according to a statement to Tadawul.
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Capital Cut Details |
|
|
Current Capital |
SAR 297 mln |
|
Number of Shares |
2.97 bln |
|
Stock Nominal Value |
SAR 0.10 |
|
Percentage of Capital |
26.5% (1 share for every 3.77 shares) |
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New Capital |
SAR 218.3 mln |
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New Number of Shares |
2.18 bln |
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Reason |
Amortization of SAR 78.71 million from the company’s accumulated losses of SAR 79.97 million as of June 30, 2024. The company’s accumulated losses after the reduction will reach SAR 1.26 million, or 0.58% of the company’s new capital, amounting to SAR 218.30 million. |
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Method |
Writing off 787.05 million shares with a nominal value of SAR 0.10 per share at a rate of 1 share per 3.77 shares held |
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Date |
End of the second trading day following the EGM’s approval |
According to data available to Argaam, the Capital Market Authority (CMA) approved earlier this month the company’s request to reduce its capital from SAR 297 million to SAR 218.3 million.
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