Logo of Naseej International Trading Co.

Naseej International Trading Co.’s board of directors recommended a 48.51% capital cut from SAR 211.63 million to SAR 108.97 million through writing off 10.27 million shares (0.485 share for every one share), during a meeting held today, March 30.

 

Key Figures of the Capital Reduction

Current Capital

SAR 211.63 mln

Number of Shares

21.16 mln

Reduction (%)

48.51%

New Capital

SAR 108.97 mln

New Number of Shares

10.9 mln

Reason

To write off SAR 102.66 mln in accumulated losses

Date of Reduction

End of second trading day after the extraordinary general meeting (EGM) date

Method of Reduction

Writing off 10.27 million shares (0.485 share for every one share)

 

Naseej said that there is no impact of the capital reduction on its financial obligations and that the capital cut pending approvals from related regulatory entities.

 

The company will make an announcement upon appointing a financial advisor for the capital reduction. Also, an announcement will be made upon submitting the company’s capital reduction application file to the Capital Market Authority (CMA) for approval.

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