Wafra said in a statement to the Saudi market (Tadawul) today, Thursday, that the company has approved reducing the capital by 61.4% to 77.17 million riyals instead of 200 million riyals. < / p>
The company pointed out that the number of shares before the reduction amounted to 20 million shares, bringing the number after the capital reduction to approximately 7.717 million shares.
The company indicated that the reason for reducing the capital is to extinguish the accumulated losses amounting to 122.83 million riyals.
The reduction will be done by canceling 12.283 million shares of the company, and 1 share will be reduced for every 1,628 shares.
Regarding the effect of the capital reduction on the company's obligations, Wafra said that there is no material impact of the reduction process on the financial obligations.
The reduction decision will be enforced on all company shareholders who are registered in the company’s records with the Securities Depository Center (Deposit Center) at the end of the second trading day following the extraordinary general meeting in which it was decided. Capital reduction.
