Al Sorayai Trading and Industrial Group Co.’s extraordinary general assembly approved a 40 percent capital reduction to SAR 225 million from SAR 375 million, to offset accumulated losses, the company said in a statement on Tadawul on Sunday.
Shareholders also approved using the company's total statutory reserve of SAR 33.1 million and the total general reserve at SAR 2.3 million to partially offset accumulated losses.
Nader Al Nasser was also appointed as independent board member effective from Oct. 24, 2017 until the end of the current term on July15, 2018.
Shareholders also adopted the updated regulations for the audit, nominations and remunerations committees, along with the remuneration policy for the board of directors, its committees and the executive management.
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Capital reduction details |
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Current Capital |
SAR 375 mln |
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Number of shares |
37.5 mln shares |
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Capital cut percent |
40% (2 share for every 5 shares) |
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New capital |
SAR 225 mln |
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New number of shares |
22.5 mln shares |
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Method of capital cut |
Writing off 15 mln shares |
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Reasons |
Offsetting accumulated losses |
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