Logo of Takween Advanced Industries Co.
Takween Advanced Industries Co.’s shareholders will vote on reducing capital by 51.09% from SAR 950 million to SAR 464.6 million during the extraordinary general meeting (EGM), scheduled for July 26, the company said in a statement to Tadawul.
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Capital Reduction Details |
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Current Capital |
SAR 950 mln |
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Number of Shares |
95.0 mln |
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New Capital |
SAR 464.65 mln |
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New Number of Shares |
46.46 mln |
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Reduction (%) |
51.09% (1 share for every 1.96 shares) |
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Reason |
To restructure the company's capital by starting the capital reduction to amortize 99.99% of accumulated losses followed by capital increase. |
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Method |
Writing off 48.54 million shares |
Takween emphasized that there will be no major impact of the capital cut on its financial obligations.
If approved, the decrease decision will be effective on shareholders who own shares on the day of the EGM and are registered with the Securities Depository Center Co. (Edaa) at the end of the second trading day following the date of the EGM in which the capital decrease is approved.
In March, the company's board of directors recommended increasing capital by 61.2% through SAR 300 million rights issue, according to data available with Argaam.
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