Logo of Savola Group
Savola Group announced today, Oct, 27, the approval of the Capital Market Authority (CMA) on its request to cut capital from SAR 11.34 billion to SAR 3 billion, thus reducing the share capital from 1.13 billion to 300 million.
In a statement, the market regulator said its decision is conditional on the company's extraordinary general assembly (EGM) approval and the completion of the necessary procedures related to the applicable regulations.
The company will publish a disclosure document to its shareholders related to the proposed method of capital reduction and the expected impact from the capital cut within sufficient time prior to the EGM to enable shareholders to vote on the move.
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In September, Savola’s board of directors recommended a 73.54% capital cut to SAR 3 billion from the current SAR 11.34 billion to align the capital with the company’s requirements, enable an in-kind distribution of Savola’s full stake in Almarai Co. to eligible shareholders, and optimize the capital structure, Argaam previously reported.
The plan involves cancelling shares, with eligible shareholders compensated through an equivalent number of Almarai shares at fair value, adjusted for any fractional shares if necessary.
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