Abdullah A. M. Al-Khodari Sons Co.’s board of directors recommended a 36 percent capital reduction to SAR 355.8 million from SAR 557.81 million to offset accumulated losses, the company said in a statement on Tadawul.

 

The capital cut is pending approval from the general assembly and regulator.

 

The board has also decided to use the full statutory reserve of SAR 70.99 million to cover accumulated losses which reached SAR 273 million.

 

This decision cancels the board’s previous decision disclosed in Jan. 9, 2019, the statement added.

 

The company’s general assembly has recently approved using the full statutory reserve of SAR 70.99 million to cover accumulated losses which reached SAR 273 million, Argaam reported earlier.

 

Key Figures of the Capital Reduction

Current Capital

SAR 557.81 mln

Number of shares

55.78 mln shares

Reduction (%)

36% (1 for every 2.76 shares)

New Capital

SAR 355.80 mln

New number of shares

35.58 mln shares

Method

Cancellation of 20.2 mln shares

Driver

To restructure capital and offset accumulated losses of SAR 202 mln

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