Fitaihi Holding Group’s board of directors recommended, on March 4, 2021, a 50% capital cut from SAR 550 million to SAR 275 million on having a capital surplus, the company said in a statement on Tadawul today, March 7, 2021.
The board also recommended a 2% cash dividend at SAR 0.2 per share for the second half of 2020, amounting to SAR 11 million.
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Key Figures of Capital Reduction |
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Current Capital |
SAR 550 mln |
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Number of shares |
55 mln shares |
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Reduction (%) |
50% |
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New Capital |
SAR 275 mln |
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New number of shares |
27.5 mln shares |
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Capital reduction method |
Writing off 50% of shares and compensating shareholders |
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Reduction date |
The close of trading on the second day following the end of the creditor objection period |
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Dividend Details (H2 2020) |
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Current Capital |
SAR 550 mln |
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Number of shares |
55 mln |
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Dividend |
SAR 11 mln |
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Percentage of capital |
2% (SAR 0.2 per share) |
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Record date |
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|
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Payment date |
March 31, 2021 |
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Dividend Details (2020) |
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Dividend |
SAR 22 mln |
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Percentage of capital |
4% (SAR 0.4 per share) |
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The process will be financed by using the company’s surplus cash balances. All details will be announced in a circular to shareholders according to regulations, Fitaihi added.
There will be no significant impact of the capital reduction on the company's liabilities as it is expected to have a positive impact on Fitaihi’s performance and profitability.
The capital cut and the number of shares will be subject to approval of the EGM and the regulatory authorities.
A financial advisor for the capital cut will be appointed, the company noted, adding that the capital cut file will be submitted to the Capital Market Authority (CMA) for approval.
| P/E (TTM) | 92.25 |
| P/E Before Unusual Items (TTM) | 92.25 |
| P/BV | 2.38 |
| Dividend Yield | 1.34 % |
| Market Cap. (M) | 1,119.25 |
| Return on Average Assets | 2.50 % |
| Return on Average Equity | 2.60 % |
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