Shams shareholders approve 48.2% capital cut, trading halt for 2 business days

Logo of Tourism Enterprise Co.

Tourism Enterprise Co.’s (Shams) shareholders approved a board recommendation of a 48.21% capital reduction to SAR 52.57 million from SAR 101.5 million, during the extraordinary general assembly meeting (EGM) held on Dec. 9.

The Saudi Exchange (Tadawul) said in a statement that the fluctuation limits for Shams will be based on a share price of SAR 151.60 and the outstanding orders will be canceled.

In addition, the company will be suspended as per the Listing Rules for two business days, Dec. 12-13, until the Securities Depository Center Company (Edaa) reflects shares reduction on investors’ portfolios.

Meanwhile, shareholders approved amending articles of association related to capital, ownership and participation in companies, head office, management, vacant position in the board, board and general assemblies’ meetings as well as reports of audit committee, financial documents and profit distributions.