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Logo of Alhokair Group
Shareholders of Abdulmohsen Alhokair Group for Tourism and Development (Alhokair Group) approved a 37.64% capital cut to SAR 343 million from SAR 550 million by cancelling 20.7 million shares, during the extraordinary general assembly meeting (EGM) held on July 8, the insurer said in a statement on Tadawul.
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 EGM |
On the other hand, shareholders also approved increasing capital through SAR 307 million rights issue, to boost the company’s solvency and reduce borrowing rates.
Key Figures of the Capital Increase |
|
Capital After Reduction |
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 |
In a separate statement, the Saudi Exchange (Tadawul) announced Alhokair Group’s daily trading fluctuation limit will be based on a share price of SAR 24.12.
All outstanding orders will be cancelled. Trading on the company’s shares will be suspended for two business days starting today, July 11.
The Securities Depository Center (Edaa) will complete the corporate action process and trading suspension will be lifted by the close of trading tomorrow, July 12.
Moreover, Alhokair Group’s rights will be deposited into applicable investor’s portfolios on July 13.
Related News
Alhokair Group shareholders to vote on 37.64% capital cut, SAR 307 mln rights issue on July 8 |
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