Fitaihi Holding Group’s shareholders are set to vote on a 50% capital cut to SAR 275 million from SAR 550 million, during the extraordinary general assembly meeting (EGM) to be held on July 7, the company said in a statement on Tadawul.

 

The capital cut will be through writing off 27.5 million shares, on having a capital surplus.

 

Key Figures of Capital Reduction

Current Capital

SAR 550 mln

Number of Shares

55 mln

Reduction (%)

50% (canceling 1 for every 2 shares)

New Capital

SAR 275 mln

New Number of Shares

27.5 mln

Method

Writing off 50% shares and paying shareholders compensation for the canceled shares.

Reason

Excess of capital above needs

Date

In case the company’s shareholders approve on reducing the company’s capital in the EGM, the reduction resolution will be effective for all the shareholders, registered in the shareholders’ register with the Securities Depository Center Co. (Edaa) at the end of the second trading day following the end of the creditors’ objection period.

 

According to the data available on Argaam, the board of directors of Fitaihi recommended in March to reduce the capital by 50% to SAR 275 million, by canceling the shares and compensating the shareholders accordingly, on having capital surplus. 

Comments {{getCommentCount()}}

Be the first to comment

{{Comments.indexOf(comment)+1}}
{{comment.FollowersCount}}
{{comment.CommenterComments}}

رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}

{{comment.DisplayName}} حساب موثّق

{{comment.ElapsedTime}}
loader Train
loader Train
Sorry: the validity period has ended to comment on this news
Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.

Related News

Fitaihi receives CMA nod to reduce capital by 50%

Popular Links

Quick Links

Join Us

Argaam.com Copyright © 2024, Argaam Investment, All Rights Reserved
Call Request