Naseej International Trading Co. submitted, on Wednesday, Nov. 11, its capital cut file to the Saudi Capital Market Authority (CMA) for approval.
Any updates regarding this matter will be announced in a due course of time, the company said in a bourse statement.
Earlier this week, the company’s board of directors adjusted its previous recommendation for capital cut to 65.4%, instead of 43.4%, in light of the losses realized in Q3 2020, according to data compiled by Argaam.
|
Key Figures of Capital Cut |
|
|
Current Capital |
SAR 178.16 mln |
|
Number of shares |
17.82 mln shares |
|
Reduction (%) |
65.4% |
|
New Capital |
SAR 61.63 mln |
|
New number of shares |
6.16 mln |
|
Method |
Writing off 11.65 million shares (one share for every 1.529 shares held) |
|
Reason |
Offset SAR 116.53 million in accumulated losses |
|
Date of Reduction |
By the end of the second day of trading after the EGM date |
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