Takween shareholders to discuss reducing capital to SAR 464.6 mln on July 26

Logo of Takween Advanced Industries Co.

Takween Advanced Industries Co.’s shareholders will vote on reducing capital by 51.09% from SAR 950 million to SAR 464.6 million during the extraordinary general meeting (EGM), scheduled for July 26, the company said in a statement to Tadawul.

 

Capital Reduction Details

Current Capital

SAR 950 mln

Number of Shares

95.0 mln

New Capital

SAR 464.65 mln

New Number of Shares

46.46 mln

Reduction (%)

51.09% (1 share for every 1.96 shares)

Reason

To restructure the company's capital by starting the capital reduction to amortize 99.99% of accumulated losses followed by capital increase.

Method

Writing off 48.54 million shares
 

Takween emphasized that there will be no major impact of the capital cut on its financial obligations.

 

If approved, the decrease decision will be effective on shareholders who own shares on the day of the EGM and are registered with the Securities Depository Center Co. (Edaa) at the end of the second trading day following the date of the EGM in which the capital decrease is approved.

 

In March, the company's board of directors recommended increasing capital by 61.2% through SAR 300 million rights issue, according to data available with Argaam.

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