According to ArabiaNet, the company said in a statement on Tadawul, that the board of directors recommended to the extraordinary general assembly to reduce the capital before the process of increasing the company's capital by Offering rights shares.
The Board of Directors also decided at the same meeting held, to recommend to the Extraordinary General Assembly to reduce the capital before the process of increasing the company's capital by offering priority rights shares to become as Next:
A- The company's capital before the reduction is 344,517,000 SAR, the capital after the reduction is 200,000,000 SAR, with a reduction of 41.95% of the company's capital. >
B- The number of shares before the reduction is 34,451,700 shares, the number of shares after the reduction is 20,000,000 shares.
C- Reason for reducing the capital: Amortization of accumulated losses amounting to 144,517,000 SAR.
d - Method of reducing capital: canceling 14,451,700 shares of the company, (1) shares will be reduced for each (2.384) shares.
The company clarified that there is no material impact of reducing capital on its financial obligations, noting that the approval of the extraordinary general assembly on the process of increasing the company’s capital by issuing Priority rights shares subject to the approval of the Extraordinary General Assembly for the proposed capital reduction.
She added that the financial brokerage firm, Brokerage Capital, was appointed as a financial advisor regarding the capital reduction.
She pointed out that the process of reducing the capital in addition to increasing the capital by offering priority rights shares is subject to the approval of the official authorities and the approval of the extraordinary general assembly of the company, stating that it will be Announcing the submission of the capital reduction file and the capital increase file to the Capital Market Authority for approval.
