Alhokair Group headquarters
Abdulmohsen Alhokair Group for Tourism and Development’s (Alhokair Group) shareholders will vote on the board’s recommendation to reduce capital by 51.54% from SAR 650 million to SAR 315 million, during the extraordinary general meeting (EGM) scheduled for Oct. 6, according to a bourse filing.
Capital will be cut by cancelling 33.5 million shares to offset 98.93% of accumulated losses, amounting to SAR 338.631 million as on June 30, 2022.
|
Capital Decrease Details |
|
|
Current Capital |
SAR 650 mln |
|
Number of Shares |
65 mln |
|
Capital Decrease Percentage |
51.54% (through cancelling 67 shares per each 130 shares issued) |
|
Capital Post-Decrease |
SAR 315 mln |
|
Number of Shares Post-Decrease |
31.5 mln |
|
Reason |
Restructuring the company’s capital to offset 98.93% of accumulated losses as on June 30, 2022 |
|
Capital Reduction Method |
Cancelling 33.5 mln shares |
In June, the company’s board of directors recommended a capital decrease of 46.15% from SAR 650 million to SAR 350 million, according to Argaam.
The company’s board of directors, in its meeting held on Aug. 30, revised its previous proposal to reduce capital by 51.54% from SAR 650 million to SAR 315 million, Argaam earlier reported.
Comments
{{DisplayName}}
{{ElapsedTime}}