Al Sorayai Trading and Industrial Group Co. amended the board of directors’ recommendation to offset the accumulated losses to a capital cut.

 

The board proposed decreasing capital from SAR 225 million to SAR 65.5 million, through cancelling 15.95 million shares, or 70.89 percent of capital, the company said in a bourse statement on Thursday.

 

Capital reduction details

Current Capital

SAR 225 mln

Number of shares

22.5 mln shares

Capital cut percent

70.89%

New capital

SAR 65.5 mln

New number of shares

6.55 mln shares

Method of capital cut

Writing off 15.95 mln shares

Reasons

Offsetting accumulated losses

 

The capital cut is pending the approval of the extraordinary general meeting and other competent authorities.

 

Aljazira Capital will advise on the company’s proposed capital cut.

 

Al Sorayai will likely face termination by Sept. 4 under the Saudi Companies Law if it fails to hold an extraordinary general assembly meeting within 45 days from the date its board of directors was informed of losses or shareholders fail to pass a resolution.

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