Naseej International Trading Co.’s board of directors adjusted its previous recommendation for capital cut to 65.4%, instead of 43.4%, in light of the losses recorded in Q3 2020, according to a bourse statement.
|
Key Figures of Capital Cut |
|
|
Current Capital |
SAR 178.16 mln |
|
Number of shares |
17.82 mln shares |
|
Reduction (%) |
65.4% |
|
New Capital |
SAR 61.63 mln |
|
New number of shares |
6.16 mln |
|
Method |
Writing off 11.65 million shares (one share for every 1.529 shares held) |
|
Reason |
Offset SAR 116.53 million in accumulated losses |
|
Date of Reduction |
By the end of the second day of trading after the EGM date |
The capital reduction is pending the approval of relevant official authorities and the company's extraordinary general assembly.
The capital reduction will not have a material impact on the company’s financial liabilities, the statement added.
In September, the company's board of directors made a recommendation on reducing capital by 43.4%, from SAR 178.16 million to SAR 100.76 million, to offset accumulated losses, according to Argaam data.
The board of directors also recommended a capital hike through SAR 150 million rights issue to be implemented following the capital cut.
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