Logo of Alhokair Group
Abdulmohsen Alhokair Group for Tourism and Development’s (Alhokair Group) shareholders approved the board’s recommendation to reduce capital by 51.54% from SAR 650 million to SAR 315 million, during the extraordinary general meeting (EGM) held on Oct. 6, according to a bourse filing.
Capital will be cut by cancelling 33.5 million shares to offset 98.93% of accumulated losses, amounting to SAR 338.631 million, as on June 30, 2022.
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Capital Decrease Details |
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Current Capital |
SAR 650 mln |
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Number of Shares |
65 mln |
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Capital Decrease Percentage |
51.54% (through cancelling 67 shares for every 130 shares) |
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Post-Decrease Capital |
SAR 315 mln |
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Post-Decrease Shares |
31.5 mln |
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Reason |
Restructuring the company’s capital to offset 98.93% of accumulated losses as on June 30, 2022 |
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Method |
Cancelling 33.5 mln shares |
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Date |
The end of the second trading day following the EGM, during which the capital cut was approved |
In a separate statement, the Saudi Exchange (Tadawul) announced that the fluctuation limit will be based on a share price of SAR 21.58 and the outstanding orders will be cancelled.
Additionally, a trading halt will be placed on the stock as per the listing rules for two business days starting today, Oct. 9.
The Securities Depository Center Co. (Edaa) will apply the capital reduction to shareholders’ portfolios, the statement noted.
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