Logo of Naseej International Trading Co.


Naseej International Trading Co.’s shareholders will vote on the board of directors’ recommendation to cut capital by 48.51% from SAR 211.63 million to SAR 108.97 million, during the extraordinary general meeting (EGM) slated for June 9, according to a bourse statement.

 

Key Figures of Capital Reduction

Current Capital

SAR 211.63 mln

Number of Shares

21.16 mln

Reduction (%)

48.51%

New Capital

SAR 108.97 mln

New Number of Shares

10.90 mln

Reason

To write off SAR 102.66 mln in accumulated losses

Date of Reduction

June 9, 2022 (Shareholders of record at the end of second trading day after the EGM date)

Method of Reduction

Writing off 10.26 mln shares (0.485 share for every one share)

 

In March, the board of directors recommended a 48.51% capital cut from SAR 211.63 million to SAR 108.97 million through writing off 10.27 million shares (0.485 share for every one share), according to data available with Argaam.

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