Shareholders of Abdulmohsen Alhokair Group for Tourism and Development are set to vote on a 37.64% capital reduction from SAR 550 million to SAR 343 million, through writing off 207 million shares, to offset accumulated losses, during an extraordinary general meeting (EGM) scheduled for July 8.

 

Key Figures of the Capital Cut

Current Capital

SAR 550 mln

Number of shares

55 mln

Reduction (%)

37.64%

New Capital

SAR 343 mln

New number of shares

34.3 mln

Method

Writing off 20.7 million shares (1 share for every 2.657 shares)

Reason

Restructuring the company’s capital to offset accumulated losses reaching SAR 207 million as on Sep. 30, 2020

Date

The second trading day after the company’s extraordinary general meeting (EGM)

 

The capital reduction proposal will not impact the company’s liabilities and is subject to the approval of the competent authorities and the upcoming general meeting, Alhokair said in a bourse statement.

 

On the other hand, shareholders will also vote on increasing capital through SAR 307 million rights issue, to boost the company’s solvency and reduce borrowing rates.

 

Key Figures of the Capital Increase

Current Capital

SAR 343 mln

Number of shares

34.3 mln

Increase (%)

89.5%

New Capital

SAR 650 mln

New number of shares

65 mln

Method

Offering and listing 30.7 mln rights shares

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