Methanol Chemicals Co.’s (Chemanol) board of directors approved, today, Nov. 8, changing its recommendation on capital reduction to 44% from 27.3%, the company said in a statement to Tadawul.
Last month, the board of directors recommended reducing capital by27.3% from SAR 1.21 billion to SAR 876.96 million, to offset its SAR 531.5 million accumulated losses.
The capital will be reduced through cancelling 53.2 million shares at one share for every 2.269 shares held, Chemanol pointed out, adding the move will not impact its financial obligations.
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Key Figures of the Capital Reduction |
|
|
Current Capital |
SAR 1.206 bln |
|
Number of shares |
120.6 mln shares |
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New Capital |
SAR 674.51 mln |
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New number of shares |
67.45 mln shares |
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Reason |
To offset accumulated losses with SAR 531.5 mln |
|
Date of reduction |
The second day following the upcoming extraordinary general meeting date |
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Mechanism |
Cancelation of 53.15 mln shares (one share for every 2.269 shares held) |
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