Logo of Al-Baha Investment and Development Co.
Al-Baha Investment and Development Co. issued the shareholders' circular for its capital cut, according to a statement to Tadawul.
The company plans to reduce its capital by SAR 78.71 million, from SAR 297 million to SAR 218.3 million.
The company stated that after shareholders’ approval, the capital reduction decision will take effect. Trading of the company’s shares on the Tadawul website will be suspended for two days, after which trading will resume at the adjusted price.
Following the reduction, Al-Baha’s accumulated losses will decrease to SAR 1.26 million, representing 0.58% of its capital as of June 30, 2024.
According to data available with Argaam, the company invited shareholders to attend the extraordinary general meeting (EGM) on Nov. 26, 2024, to vote on capital reduction.
|
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) |
|
New Capital |
SAR 218.3 mln |
|
New Number of Shares |
2.18 bln |
|
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 new capital amounting to SAR 218.30 million. |
|
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 |
|
Date |
End of the second trading day following the EGM’s approval |
Comments {{getCommentCount()}}
Be the first to comment
رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}
{{comment.DisplayName}}
{{comment.ElapsedTime}}