SIDC shareholders to vote on 66.25% capital cut on Aug. 27

05/08/2024 Argaam
Logo ofSaudi Industrial Development Co. (SIDC)

Logo of Saudi Industrial Development Co. (SIDC) 

Saudi Industrial Development Co.'s (SIDC) shareholders are set to vote on cutting the company’s capital by 66.25%, or SAR 135 million, during the extraordinary general meeting (EGM) that will be held on Aug. 27, as the following table illustrates:

 

Capital Reduction Details

Current Capital

SAR 400 mln

Number of Shares

40 mln

New Capital

SAR 135 mln

Number of Shares

13.5 mln

Percentage of Reduction

66.25% (0.6625 per share held)

Reason

Restructuring capital to offset accumulated losses

Date

Aug. 27, 2024 (Shareholders registered with Edaa at the end of the second trading day following the EGM date).

Method

Writing off 26.5 mln shares
 

The capital reduction will not materially affect SIDC’s commitments, operations, financial or operational performance, or regulatory compliance, nor will it alter any shareholder's stake, the company added.

 

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