Logo of Al-Baha Investment and Development Co.
Al-Baha Investment and Development Co.’s shareholders approved the board of directors’ recommendation to reduce capital by 26.5% from SAR 297 million to SAR 218.3 million during an extraordinary general meeting (EGM) on Dec. 19.
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Capital Cut Details |
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Current Capital |
SAR 297 mln |
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Number of Shares |
2.97 bln |
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Stock Nominal Value |
SAR 0.10 |
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Percentage of Capital |
26.5% (1 share for every 3.77 shares) |
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New Capital |
SAR 218.3 mln |
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New Number of Shares |
2.18 bln |
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Reason |
Amortization of SAR 78.71 million from the company’s accumulated losses of SAR 79.97 million as of June 30, 2024. The company’s accumulated losses after the reduction will reach SAR 1.26 million, or 0.58% of the new capital amounting to SAR 218.30 million. |
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Method |
Writing off 787.05 million shares with a nominal value of SAR 0.10 per share at a rate of 1 share per 3.77 shares held. |
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Date |
Dec. 19, 2024 (Those registered with Edaa by the end of the second trading day following the EGM’s approval.) |
In a statement to Tadawul, the company said the capital reduction will have no impact on its financial obligations.
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The capital reduction will take effect for shareholders who own shares on the day of the EGM and are registered in the company's shareholder register at the Securities Depository Center Co. (Edaa) by the end of the second trading day following the EGM in which the capital reduction was approved, the statement added.
Tadawul stated that, as a result, the stock’s fluctuation limits will be recalculated based on a price of SAR 0.44, and all existing orders will be canceled.
It further announced that trading of the company’s shares will be suspended for two business days starting today, Dec. 22, in accordance with listing rules.
Edaa will implement the reduction of the company's shares in shareholders' investment portfolios, and trading of the company’s shares will resume at the end of trading on Dec. 23.
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