Abdullah A. M. Al-Khodari Sons Co.’s board of directors recommended a 36 percent capital reduction to SAR 355.8 million from SAR 557.81 million to offset accumulated losses, the company said in a statement on Tadawul.
The capital cut is pending approval from the general assembly and regulator.
The board has also decided to use the full statutory reserve of SAR 70.99 million to cover accumulated losses which reached SAR 273 million.
This decision cancels the board’s previous decision disclosed in Jan. 9, 2019, the statement added.
The company’s general assembly has recently approved using the full statutory reserve of SAR 70.99 million to cover accumulated losses which reached SAR 273 million, Argaam reported earlier.
|
Key Figures of the Capital Reduction |
|
|
Current Capital |
SAR 557.81 mln |
|
Number of shares |
55.78 mln shares |
|
Reduction (%) |
36% (1 for every 2.76 shares) |
|
New Capital |
SAR 355.80 mln |
|
New number of shares |
35.58 mln shares |
|
Method |
Cancellation of 20.2 mln shares |
|
Driver |
To restructure capital and offset accumulated losses of SAR 202 mln |
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