The shareholders of methanol chemicals agreed to reduce the company's capital from SR 1.206 billion to 674.5 million riyals, thus reducing the company's shares from 120.6 million shares to 67.45 million shares, by reducing 44.07%.
According to Arab Net, the company said in a statement. The cause of the capital reduction is to extinguish accumulated losses by 531.49 million riyals by canceling about 53.149 million shares, by reducing shares per 2.269 shares.
The shareholders rejected the recommendation of the Board of Directors of the Company to increase capital by offering priority rights, worth 480 million riyals, to become capital after 1.154 billion riyals.
The percentage of attendance has reached 29.03%.
The company said the reason for the demand for capital increase is to raise the financial company and reduce borrowing rates and costs incurred.
The methanol kimmol company has announced the publication of issuing capital increase by issuing priority rights.
The total value of SR 480 million, according to the 10 riyals per share, with a total of 48 million shares.
For its part, Saudi trading announced the calculation of the company's volatility based on the price of 25.10 riyals, and the abolition of existing orders, after the approval of the Extraordinary General Assembly of Methanol Company to reduce the capital of the company.
Saudi trading reported that the company's shares will be suspended based on the basis of insertion rules for a daily work on Tuesday, that the Securities Depository Center will be deposited by implementing the shares of the methanol kimmont company in the portfolios investment portfolios that the company's share End of trading on Wednesday 30 June 2021.
