Logo of Naseej International Trading Co
The Capital Market Authority's (CMA) board approved today, May 11, an application from Naseej International Trading Co. to reduce its capital from SAR 211.63 million to SAR 108.97 million, the market regulator said in a statement.
This decision is conditional on the company's extraordinary general assembly (EGM) approval and completion of the necessary regulatory measures.
The company will publish a disclosure document to its shareholders related to the proposed method of capital reduction and the expected impact of this process within sufficient time prior to the EMG meeting to enable shareholders to vote on the capital decrease.
Last March, Naseej board of directors recommended a 48.51% capital cut from SAR 211.63 million to SAR 108.97 million to offset losses, Argaam reported.
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Capital Reduction Highlights |
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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 |
10.90 mln |
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Reason |
To offset SAR 102.66 mln accumulated losses |
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Date of Reduction |
By the close of the second trading day after the EGM date |
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Method of Reduction |
Writing off 10.26 million shares (0.485 share for every one share) |
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