AI Summary
Logo of Emaar The Economic City Co. (Emaar EC)
Emaar The Economic City's (Emaar EC) shareholders will vote on the board’s recommendation to reduce its capital by 53.83% from SAR 11.33 billion to SAR 5.23 billion, during the extraordinary general meeting (EGM) to be held on Dec. 31.
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Capital Cut Details |
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Current Capital |
SAR 11.33 bln |
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Current Number of Shares |
1.13 bln |
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Percentage Decrease |
53.83% |
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New Capital |
SAR 5.23 bln |
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New Number of Shares |
523.26 mln |
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Method |
To cancel 610.07 mln shares at 0.5383 share for each share owned |
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Reason |
To offset the accumulated losses of SAR 6.1 bln as of Sept. 30, 2024 |
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Date of Capital Reduction |
On Dec. 31, 2024 (For those registered with the Securities Depository Center Co. (Edaa), by the end of the second trading day following the EGM that will decide on the capital cut) |
For more news on listed companies
The company stated that it appointed KPMG Professional Services Co. as its auditor to prepare a limited assurance report on capital reduction. The report outlines the reasons for the reduction and its anticipated impact on the company’s obligations, based on the auditor's report.
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