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Fitaihi shareholders to vote on capital cut on surplus on July 7
Fitaihi Holding Group’s shareholders are set to vote on a 50% capital cut to SAR 275 million from SAR 550 million, during the extraordinary general assembly meeting (EGM) to be held on July 7, the company said in a statement on Tadawul.
The capital cut will be through writing off 27.5 million shares, on having a capital surplus.
|
Key Figures of Capital Reduction |
|
|
Current Capital |
SAR 550 mln |
|
Number of Shares |
55 mln |
|
Reduction (%) |
50% (canceling 1 for every 2 shares) |
|
New Capital |
SAR 275 mln |
|
New Number of Shares |
27.5 mln |
|
Method |
Writing off 50% shares and paying shareholders compensation for the canceled shares. |
|
Reason |
Excess of capital above needs |
|
Date |
In case the company’s shareholders approve on reducing the company’s capital in the EGM, the reduction resolution will be effective for all the shareholders, registered in the shareholders’ register with the Securities Depository Center Co. (Edaa) at the end of the second trading day following the end of the creditors’ objection period. |
According to the data available on Argaam, the board of directors of Fitaihi recommended in March to reduce the capital by 50% to SAR 275 million, by canceling the shares and compensating the shareholders accordingly, on having capital surplus.
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