AYYAN to vote on using share premium to cut accumulated losses on Sept. 28

AYYAN says the proposed move is aimed at reducing accumulated losses to 8.55% of capital

AYYAN Investment Co.’s shareholders will vote on the board recommendation to transfer the entire share premium balance of SAR 59.76 million to be accounted within accumulated losses, during an extraordinary general meeting to be held on Sept. 28.

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In a Tadawul filing today, Sept. 7. AYYAN said the step is aimed at offsetting part of its accumulated losses, which stood at SAR 145.88 million, or 14.5% of capital, as of June 30. After the transfer, accumulated losses will drop to 8.55% of capital.

Shareholders will also vote on amending Article 3 of the company’s bylaws relating to its business objectives, the statement added.

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