Logo of Al Hassan Ghazi Ibrahim Shaker Co.
Al Hassan Ghazi Ibrahim Shaker Co.’s (Shaker) shareholders approved the board's recommendation on decreasing capital by 23.4% from SAR 630 million to SAR 482.33 million, during the extraordinary general meeting (EGM) held on May 15.
|
Key Figures of Capital Reduction |
|
|
Current Capital |
SAR 630 mln |
|
Number of Shares |
63 mln |
|
New Capital |
SAR 482.33 mln |
|
New Number of Shares |
48.23 mln |
|
Reduction (%) |
23.44% |
|
Method |
Writing off 17.44 mln shares (2.34 share for every 10 shares) |
|
Reason |
Restructuring capital to offset accumulated losses |
In a separate statement, the Saudi Exchange (Tadawul) said that the fluctuation limit for Shaker will be based on a share price of SAR 24.82 and the outstanding orders will be canceled.
In addition, the stock will be suspended as per the Listing Rules for two business days, May 16-17, until the Securities Depository Center Co. (Edaa) applies the reduction to investors’ portfolios.
Meanwhile, the shareholders elected the board of directors for the upcoming three-year term starting on May 25, 2022.
The elected board includes, Abdulelah Abunayyan, Musaab Al-Muhaidib, AbdulRaouf Al-Bitar, Eid Al-Shammri, Azzam Al-Mudaihim, Hossam Shobokshi and Rashid Al-Rasheed.
In addition, they approved the formation of the audit committee, defining its tasks, work controls, and remunerations for the new term. The committee members include Eid Al-Shammri as Chairman and Ahmed Al-Fraih and Mohamed Al-Qurainis as members.
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