Logo of Methanol Chemicals Co.
Methanol Chemicals Co.’s (Chemanol) shareholders approved a 44% capital cut to SAR 674.51 million from SAR 1.21 billion to restructure the company’s capital and offset accumulated losses, during the extraordinary general meeting (EGM) held on June 28.
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Key Figures of the Capital Reduction |
|
|
Current Capital |
SAR 1.206 bln |
|
Number of shares |
120.6 mln |
|
Reduction (%) |
44.07% (one share for every 2.269 shares held) |
|
New Capital |
SAR 674.51 mln |
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New number of shares |
67.45 mln |
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Method |
Cancellation of 53.15 mln shares (one share for every 2.269 shares) |
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Record date |
End of second trading day after the EGM date |
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Driver |
To offset SAR 531.5 million in accumulated losses |
Meanwhile, shareholders rejected increasing the capital through a SAR 480 million rights issue, the company said in a bourse statement.
In a separate statement, the Saudi Exchange (Tadawul) said that the fluctuation limits for Chemanol will be based on a share price of SAR 25.10 and all the outstanding orders will be canceled.
Furthermore, the company will be suspended as per the Listing Rules for two business days starting today, June 29, until the Securities Depository Center Company (Edaa) reflects shares reduction on investors’ portfolios.
Trading suspension on the company will be lifted on Wednesday, June 30.
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