The company said in a statement to the Saudi market (Tadawul) today, Monday, that the capital before the reduction is 200 million riyals, while it will reach after the reduction of 77.17 million riyals. < / p>
She explained that the reason for the reduction is to extinguish the accumulated losses as of December 31, 2019, amounting to about 122.83 million riyals.
She indicated that the reduction would result in amortization of losses entirely, by canceling the number of 12.283 million shares of the company, where 1 share will be reduced for every 1.628 shares. < / p>
The company stated that there is no material impact from the company's capital reduction on its financial obligations.
She noted that the date of the reduction is the end of the second trading day, following the extraordinary general assembly meeting in which it decided to reduce the capital.
I indicated that the Financial Brokerage Company (Brokerage Capital) was appointed as a financial advisor regarding the reduction of the capital by date, and the announcement will be made when the file of the capital reduction request is submitted to the Market Authority. Finance to approve it in addition to any other major developments.
