Logo of Naseej International Trading Co.
Naseej International Trading Co.’s shareholders approved the board’s recommendation to reduce capital by 48.51% to SAR 108.97 million from SAR 211.63 million, during the extraordinary general meeting (EGM) held on July 18, according to a bourse filing.
|
Capital Reduction Details |
|
|
Current Capital |
SAR 211.63 mln |
|
Number of Shares |
21.16 mln |
|
Reduction (%) |
48.51% |
|
New Capital |
SAR 108.97 mln |
|
Number of Shares |
10.90 mln |
|
Reason |
To offset SAR 102.66 million in accumulated losses |
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Method |
Cancelling 10.26 million shares (0.485-for-1) |
The capital reduction will not have a material impact on the company’s liabilities.
Shareholders also approved amending Articles 7 and 8 of the company’s bylaws related to capital and share subscription.
In a separate filing, Saudi Exchange (Tadawul) said that Naseej’s daily trading fluctuation limit after its capital cut will be based on a share price of SAR 32.10. Accordingly, the outstanding orders will be canceled.
A trading halt will be placed on the company’s shares, as per the listing rules, for two business days, as of Tuesday, July 19, until the end of trading on July 20.
In March, the board of directors recommended a 48.51% capital cut from SAR 211.63 million to SAR 108.97 million through writing off 10.27 million shares (0.485 share for every one share), according to data available with Argaam.
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