Logo of Tourism Enterprise Co.
Tourism Enterprise Co.’s (Shams) shareholders are set to vote on the board’s recommendation on 48.21% capital reduction to SAR 52.57 million from SAR 101.5 million, during the extraordinary general assembly meeting (EGM) that will be held on Dec. 9.
|
Key Figures of the Capital Reduction |
|
|
Current Capital |
SAR 101.50 mln |
|
Number of Shares |
10.15 mln |
|
Reduction (%) |
48.2% (1 share for every 2.074 shares) |
|
New Capital |
SAR 52.57 mln |
|
New Number of Shares |
5.26 mln |
|
Method |
Writing off 48.93 mln shares |
|
Date of reduction |
End of second trading day after the EGM date, during which it was decided to reduce capital |
|
Reason |
Offset SAR 4.89 mln in accumulated losses |
Shams emphasized that the capital cut process will have no impact on its financial and operating obligations.
The EGM’s agenda includes voting on amending a number of articles of the company's articles of association.
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