One of Raydan's branch
Raydan Food Co.'s board of directors recommended a 53.16% reduction of the company's capital from SAR 337.50 million to SAR 158.08 million, to amortize accumulated losses.
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Capital Decrease Details |
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Current Capital |
SAR 337.50 mln |
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Number of shares |
33.75 mln |
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Capital Decrease% |
53.16% (canceling 1.06 shares per each two shares held) |
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New Capital |
SAR 158.08 mln |
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New Number of Shares |
15.81 mln |
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Reason |
Restructuring the company’s capital to offset 100% of accumulated losses as on June 30, 2022. |
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Capital Reduction Method |
Canceling 17.94 million shares |
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Date of Reduction |
End of second trading day after the EGM date |
The company said that there is no material impact of reducing capital on its obligations, noting that the planned reduction is pending the approval of relevant official authorities and the company's extraordinary general meeting (EGM).
It added that an announcement will be made when the capital reduction application file is submitted to the Capital Market Authority (CMA) for approval, in addition to any future developments that may occur.
Raydan Food’s accumulated losses stood at 53.16%, or SAR 179.42 million, of the company's SAR 337.50 million capital, as of June 30, 2022, according to Argaam's data.
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