Shaker shareholders approve 23.4% capital cut; Tadawul halts trading for 2 days

Logo of Al Hassan Ghazi Ibrahim Shaker Co.

Al Hassan Ghazi Ibrahim Shaker Co.’s (Shaker) shareholders approved the board's recommendation on decreasing capital by 23.4% from SAR 630 million to SAR 482.33 million, during the extraordinary general meeting (EGM) held on May 15.

In a separate statement, the Saudi Exchange (Tadawul) said that the fluctuation limit for Shaker will be based on a share price of SAR 24.82 and the outstanding orders will be canceled. 

In addition, the stock will be suspended as per the Listing Rules for two business days, May 16-17, until the Securities Depository Center Co. (Edaa) applies the reduction to investors’ portfolios. 

Meanwhile, the shareholders elected the board of directors for the upcoming three-year term starting on May 25, 2022. 

The elected board includes, Abdulelah Abunayyan, Musaab Al-Muhaidib, AbdulRaouf Al-Bitar, Eid Al-Shammri, Azzam Al-Mudaihim, Hossam Shobokshi and Rashid Al-Rasheed. 

In addition, they approved the formation of the audit committee, defining its tasks, work controls, and remunerations for the new term. The committee members include Eid Al-Shammri as Chairman and Ahmed Al-Fraih and Mohamed Al-Qurainis as members.