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Logo of Abdulmohsen Alhokair Group for Tourism and Development
Abdulmohsen Alhokair Group for Tourism and Development published a shareholder circular for the capital decrease and the prospectus for the capital increase through rights issue, the company said in a bourse filing.
The capital increase through rights issuance requires the approval of the extraordinary general assembly (EGM) meeting, which includes reducing the company's capital.
Shareholders are set to vote on a 37.64% capital reduction from SAR 550 million to SAR 343 million, through writing off 207 million shares, to offset accumulated losses, during the EGM scheduled for July 8, Argaam reported.
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Key Figures of the Capital Cut |
|
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Current Capital |
SAR 550 mln |
|
Number of shares |
55 mln |
|
Reduction (%) |
37.64% |
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New Capital |
SAR 343 mln |
|
New number of shares |
34.3 mln |
|
Method |
Writing off 20.7 million shares (1 share for every 2.657 shares) |
|
Reason |
Restructuring the company’s capital to offset accumulated losses reaching SAR 207 million as on Sep. 30, 2020 |
|
Date |
The second trading day after the company’s extraordinary general meeting (EGM) |
On the other hand, shareholders will also vote on increasing capital through SAR 307 million rights issue, to boost the company’s solvency and reduce borrowing rates.
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Key Figures of the Capital Increase |
|
|
Current Capital |
SAR 343 mln |
|
Number of shares |
34.3 mln |
|
Increase (%) |
89.5% |
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New Capital |
SAR 650 mln |
|
New number of shares |
65 mln |
|
Method |
Offering and listing 30.7 mln rights shares |
Below are the details of the shareholders' circular for capital decrease and rights issue prospectus:
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