Seera issues supplementary circular for 8.65% capital cut

Logo of Seera Group Holding Co.

Seera Holding Group published a supplemental shareholder circular relating to the proposed reduction of the company's capital by 8.65%, from SAR 3 billion to SAR 2.7405 billion, on the basis that the capital exceeds the company's current needs.

The supplementary circular was issued because trading in the company's shares was not suspended after approval of the capital reduction by the Extraordinary General Assembly. As a result, several amendments were made to the original circular, including:

- Amending the "Capital Reduction Procedures" section by removing the paragraph related to the suspension of share trading.

- Amending the "General Structure of the Capital Reduction" section by deleting references to trading suspension.

- Amending the table titled "Timeline for Each Stage of the Capital Reduction Process" by removing the share trading suspension stage.

- Amending the "Expected Timeline for the Capital Reduction Process" section by deleting stages associated with the suspension of trading.

According to data available to Argaam, Seera previously announced its shareholder circular regarding the 8.65% capital reduction from SAR 3.0 billion to SAR 2.7405 billion.

The capital reduction will be carried out through the cancellation of treasury shares. The company stated that there will be no change in the share price as a result of the reduction.

Furthermore, the capital reduction will not affect the market value of shareholders’ investment portfolios.

Seera’s supplementary shareholder circular for capital cut