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Logo of Seera Group Holding
Seera Group Holding’s board of directors recommended on June 18 to reduce the company’s capital by 8.65%, from SAR 3 billion to SAR 2.74 billion, citing excess capital, according to a statement to Tadawul.
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Capital Cut Details |
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Current Capital |
SAR 3 bln |
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Number of Shares |
300 mln |
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New Capital |
SAR 2.74 bln |
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New Number of Shares |
274 mln |
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Reduction (%) |
8.65% |
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Method |
Writing off 25.95 million ordinary treasury shares including approximately 2.03 million shares allocated to the company’s employee stock program. The capital cut amounts to 8.65% of the company’s capital before reduction, or 8.65 shares for every 100 shares held. |
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Reason |
To reduce excess capital. |
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Date of Reduction |
End of the second trading day after the EGM date |
The company foresees no material impact on its financial, operational, regulatory obligations, operations, or performance from the planned capital reduction. The board's recommendation is still subject to approvals of the relevant authorities and its shareholders.
An announcement will be made when a financial advisor is appointed, as well as when the capital cut file is submitted to the Capital Market Authority (CMA) for approval, it added.
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