Wafrah files for 61.4% capital cut to offset losses
Wafrah for Industry & Development Co. said it submitted a capital reduction request to the Capital Market Authority (CMA), according to a bourse statement.
The relevant updates will be unveiled in due course, the statement added.
Last week, Wafrah's board of directors recommended a 61.4% capital cut to SAR 77.17 million from SAR 200 million, Argaam reported.
The step is intended to offset accumulated losses of SAR 122.83 million as of Dec. 31, 2019.
Key Figures of the Capital Reduction |
|
Current Capital |
SAR 200 mln |
Number of shares |
20 mln shares |
Reduction (%) |
61.4% (1 for every 1.628 shares) |
New Capital |
SAR 77.2 mln |
New number of shares |
7.7 mln shares |
Method |
Canceling 12.28 mln shares |
Record date |
The second day following the general meeting (end of day) |
Driver |
To offset accumulated losses of SAR 122.83 mln |
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Wafrah recommends 61.4% capital cut to offset losses |
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