Alhokair Group shareholders to vote on 51.54% capital cut on Oct. 6

Alhokair Group headquarters 

Abdulmohsen Alhokair Group for Tourism and Development’s (Alhokair Group) shareholders will vote on the board’s recommendation to reduce capital by 51.54% from SAR 650 million to SAR 315 million, during the extraordinary general meeting (EGM) scheduled for Oct. 6, according to a bourse filing.  

Capital will be cut by cancelling 33.5 million shares to offset 98.93% of accumulated losses, amounting to SAR 338.631 million as on June 30, 2022.

In June, the company’s board of directors recommended a capital decrease of 46.15% from SAR 650 million to SAR 350 million, according to Argaam.

The company’s board of directors, in its meeting held on Aug. 30, revised its previous proposal to reduce capital by 51.54% from SAR 650 million to SAR 315 million, Argaam earlier reported.