Al Sorayai Trading and Industrial Group Co.’s shareholders have approved a 70.89 percent capital cut to SAR 65.5 million from SAR 225 million during the extraordinary general assembly meeting that was held on Aug. 28, 2019, the company said in a statement on Tadawul.
The capital cut aims to offset accumulated losses.
In July, the company’s 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 to offset losses, as reported by Argaam.
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Key Figures of the Capital Reduction |
|
|
Current Capital |
SAR 225 mln |
|
Number of shares |
22.5 mln shares |
|
Reduction (%) |
70.89% (3.54 for every 5 shares) |
|
New Capital |
SAR 65.5 mln |
|
New number of shares |
6.55 mln shares |
|
Method |
Canceling 15.95 mln shares |
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Record date |
General assembly meeting |
|
Driver |
To offset accumulated losses |
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