Logo of Al-Baha Investment and Development Co. 

Al-Baha Investment and Development Co.’s board of directors recommended, on May 21, a 25% capital decrease from SAR 297 million to SAR 222.75 million. 

 

The proposal aims to offset 90.83% of the company’s accumulated losses, which stand at SAR 81.74 million as of March 31, 2022. 

 

Key Figures of the Capital Reduction

Current Capital

SAR 297 mln

Number of Shares

29.70 mln

Reduction (%)

25% (writing off one for every four shares)

New Capital

SAR 222.75 mln

New Number of Shares

22.28 mln

Reason

To write off SAR 74.25 mln accumulated losses

Method of Reduction

Writing off 7.43 million shares

Date of Reduction

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

 

Al-Baha added that there is no material impact from the planned capital reduction on its financial obligations. The decision is pending final approvals from the related regulatory authorities and the company’s extraordinary general assembly meeting (EGM).

 

The company will make an announcement upon appointing a financial advisor on the capital reduction, the statement added.

 

Further announcements will be announced in due course. 

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