Logo of Takween Advanced Industries Co.
Takween Advanced Industries Co.’s shareholders approved reducing capital by 51.09% from SAR 950 million to SAR 464.6 million during the extraordinary general meeting (EGM), held on July 26, the company said in a statement to the Saudi Exchange (Tadawul).
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Capital Reduction Details |
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Current Capital |
SAR 950 mln |
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Current 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 a capital increase. |
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Method |
Writing off 48.54 million shares |
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Reduction Date |
July 26, 2023 (Shareholders of record who are registered with Edaa on the second trading day following the EGM) |
In a separate statement, Tadawul said the daily trading fluctuation limit will be based on a share price of SAR 18.36. Outstanding orders will be canceled.
It added that the stock will be suspended for two trading sessions starting today, July 27.
The Securities Depository Center Co. (Edaa) stated that the capital reduction will be implemented on shareholders' portfolios, noting that the stock will resume trading as of Sunday, July 30.
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