Logo of Naseej International Trading Co.
Naseej International Trading Co.’s board of directors recommended a 48.51% capital cut from SAR 211.63 million to SAR 108.97 million through writing off 10.27 million shares (0.485 share for every one share), during a meeting held today, March 30.
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Key Figures of the Capital Reduction |
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Current Capital |
SAR 211.63 mln |
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Number of Shares |
21.16 mln |
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Reduction (%) |
48.51% |
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New Capital |
SAR 108.97 mln |
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New Number of Shares |
10.9 mln |
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Reason |
To write off SAR 102.66 mln in accumulated losses |
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Date of Reduction |
End of second trading day after the extraordinary general meeting (EGM) date |
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Method of Reduction |
Writing off 10.27 million shares (0.485 share for every one share) |
Naseej said that there is no impact of the capital reduction on its financial obligations and that the capital cut pending approvals from related regulatory entities.
The company will make an announcement upon appointing a financial advisor for the capital reduction. Also, an announcement will be made upon submitting the company’s capital reduction application file to the Capital Market Authority (CMA) for approval.
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