Wafrah for Industry & Development Co.’s (Wafrah) shareholders are set to vote on a 61.4% capital cut to SAR 77.17 million from SAR 200 million during the extraordinary general assembly meeting to be held on April 1, the company said in a statement on Tadawul.
The capital cut will be through writing off 12.28 million shares, in order to offset accumulative losses worth SAR 122.83 million.
|
Key Figures of the Capital Reduction |
|
|
Current Capital |
SAR 200 mln |
|
Number of shares |
20 mln shares |
|
Reduction (%) |
61.4% (1 for every 1.628 shares) |
|
New Capital |
SAR 77.2 mln |
|
New number of shares |
7.7 mln shares |
|
Method |
Cancelling 12.28 mln shares |
|
Driver |
To offset accumulated losses worth SAR 122.83 mln as of Dec. 31, 2019. |
|
Capital cut date |
End of the second trading day following the meeting |
According to data compiled by Argaam, the Capital Market Authority (CMA) approved, on March 24, the request of Wafrah to cut capital from SAR 200 million to SAR 77.17 million, thus reducing the number of shares from 20 million to 7.7 million.
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