The Board of Directors of Fawaz Abdul Aziz Al-Hokair and Al Hokair Company Executive Management has been charged with the study of capital restructuring methods, including the reduction of capital and then raised by the financial status.
According to an Arab Net according to a statement of the company, this commissioning includes the appointment of financial and legal advisers and submitting a future financial plan to the Governing Council, which deals with how to raise the company's adaptation and strategic expansion and improve operational and financial performance, borrowing and costs incurred.
The Council's decision aims to reduce the accumulated 1.037,812,790 SR 1,037,812,790, as at the end of fiscal year 2021, at 31/03/2021, equivalent to 49.4% of the company's capital by SR 2,100,000 by the end of the same period.
The annual financial results of Fawaz Abdulaziz Al Hokair and Al Hokair Company, showed its losses by 62.99% in the fiscal year ended March 31, 2021, for SR 1.110.2 million, compared to SR 681.2 million in the previous fiscal year.
Al-Hokair said in a statement on Saudi trading. The high losses were due to several factors, including a 20.8% decline in revenue in the fiscal year ended 31 March, equivalent to SR 1.106 billion, to record 4.23 billion riyals.
The company said it would declare any substantive developments as a capital reduction, and the rate of reduction, and the percentage of capital increase, but not limited to the regulations and regulations.
