Etihad Atheeb Telecommunications Co.’s board of directors recommended a 25 percent capital reduction to SAR 472.5 million from SAR 630 million to offset accumulated losses, the company said in a statement on Tadawul.
The capital cut is pending approval from the general assembly and regulator.
Last year, Saudi Capital Market Authority (CMA) decided that listed companies with accumulated losses above 50 percent of capital, shall face liquidation, unless they find a way to mend their financial position.
|
Key Figures of the Capital Reduction |
|
|
Current Capital |
SAR 630 mln |
|
Number of shares |
63 mln shares |
|
Reduction (%) |
25% (1 for every 4 shares) |
|
New Capital |
SAR 472.5 mln |
|
New number of shares |
47.25 mln shares |
|
Method |
Cancellation of 15.75 mln shares |
|
Driver |
Offsetting accumulated losses |
Comments {{getCommentCount()}}
Be the first to comment
رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}
{{comment.DisplayName}}
{{comment.ElapsedTime}}