Logo of Tourism Enterprise Co.
Tourism Enterprise Co.’s (Shams) shareholders approved a board recommendation of a 48.21% capital reduction to SAR 52.57 million from SAR 101.5 million, during the extraordinary general assembly meeting (EGM) held on Dec. 9.
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Key Figures of the Capital Reduction |
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Current Capital |
SAR 101.50 mln |
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Number of Shares |
10.15 mln |
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Reduction (%) |
48.2% (1 share for every 2.074 shares) |
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New Capital |
SAR 52.57 mln |
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New Number of Shares |
5.26 mln |
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Method |
Writing off 48.93 mln shares |
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Date of reduction |
End of second trading day after the EGM date, during which it was decided to reduce capital |
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Reason |
Offset SAR 48.93 mln in accumulated losses |
The Saudi Exchange (Tadawul) said in a statement that the fluctuation limits for Shams will be based on a share price of SAR 151.60 and the outstanding orders will be canceled.
In addition, the company will be suspended as per the Listing Rules for two business days, Dec. 12-13, until the Securities Depository Center Company (Edaa) reflects shares reduction on investors’ portfolios.
Meanwhile, shareholders approved amending articles of association related to capital, ownership and participation in companies, head office, management, vacant position in the board, board and general assemblies’ meetings as well as reports of audit committee, financial documents and profit distributions.
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