Logo of Fawaz Abdulaziz Alhokair Co.
Fawaz Abdulaziz Alhokair Co.’s shareholders approved the board of directors’ recommendation to reduce capital to SAR 1.15 billion to offset accumulated losses, during the extraordinary general meeting (EGM) held on June 29, according to a bourse statement.
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Capital Reduction Details |
|
|
Current Capital |
SAR 2.1 bln |
|
Number of Shares |
210 mln |
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Reduction (%) |
45.3% (1 share for every 2.205 shares) |
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New Capital |
SAR 1.147 bln |
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New Number of Shares |
114.8 mln |
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Date of Reduction |
By the close of the second trading day after the EGM date |
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Reason |
To restructure capital and offset 100% of accumulated losses at SAR 952.33 mln as of Dec. 31, 2021 |
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Method |
Writing off 95.23 mln shares |
The capital reduction will have no effect on the company’s financial obligations, the statement added.
In a separate statement, the Saudi Exchange (Tadawul) said that the fluctuation limit on Fawaz Alhokair shares after capital reduction will be based on a share price of SAR 20.82, and the outstanding orders will be canceled.
Additionally, the firm’s shares will be suspended for two business days, starting today, June 30, until the Securities Depository Center (Edaa) reflects the capital cut on shareholders’ portfolios.
The suspension will be lifted at the end of trading on July 3.
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