Al-Baha issues shareholders' circular on capital reduction

Logo of Al-Baha Investment and Development Co.

Al-Baha Investment and Development Co. issued the shareholders' circular for its capital cut, according to a statement to Tadawul.


The company plans to reduce its capital by SAR 78.71 million, from SAR 297 million to SAR 218.3 million.

 
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The company stated that after shareholders’ approval, the capital reduction decision will take effect. Trading of the company’s shares on the Tadawul website will be suspended for two days, after which trading will resume at the adjusted price.

 

Following the reduction, Al-Baha’s accumulated losses will decrease to SAR 1.26 million, representing 0.58% of its capital as of June 30, 2024.

 

According to data available with Argaam, the company invited shareholders to attend the extraordinary general meeting (EGM) on Nov. 26, 2024, to vote on capital reduction.

 

Capital Cut Details

Current Capital

SAR 297 mln

Number of Shares

2.97 bln

Stock Nominal Value

SAR 0.10

Percentage of Capital

26.5% (1 share for every 3.77 shares)

New Capital

SAR 218.3 mln

New Number of Shares

2.18 bln

Reason

Amortization of SAR 78.71 million from the company’s accumulated losses of SAR 79.97 million as of June 30, 2024. The company’s accumulated losses after the reduction will reach SAR 1.26 million, or 0.58% of the new capital amounting to SAR 218.30 million.

Method

Writing off 787.05 million shares with a nominal value of SAR 0.10 per share at a rate of 1 share per 3.77 shares held

Date

End of the second trading day following the EGM’s approval

 

Poll

How do you see the company’s decision on capital reduction to offset accumulated losses?

Extraordinary General Assembly

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