Abdul Mohsen Al Hokair Group for Tourism and Development announced the recommendation of the Board of Directors to the Extraordinary General Assembly to reduce the capital by 46.15%.
The company said in a statement published on the Saudi market website “Tadawul”, that the value of the capital before the reduction is 650 million riyals, and after the reduction it will become 350 million riyals.
The number of shares will decrease after the completion of the reduction from 65 million shares, to 35 million shares.
Al Hokair stated that the reason for the capital reduction is to restructure the company’s capital to extinguish 98.79% of the accumulated losses as on March 31, 2022.
The capital reduction will be done by canceling 30 million shares of the company’s shares, by canceling 3 shares for every 6.5 shares of the issued company’s shares.
The reduction date will be at the end of the second trading day following the Extraordinary General Assembly meeting in which the capital reduction was decided.
Yaqeen Financial Company “Yaqeen Capital” was appointed as a financial advisor to manage the company’s capital reduction process and take all related procedures.
