Fitaihi capital reduction comes into effect as creditors’ objection period ends
Fitaihi Holding Group headquarters
Fitaihi Holding Group said in a bourse statement that creditors’ objection period ended yesterday, Sept. 5, with no claims received.
Therefore, the company will reduce capital by 50% to SAR 275 million from SAR 550 million through cancelling 27.5 million shares.
|
Key Figures of Capital Reduction |
|
|
Current Capital |
SAR 550 mln |
|
Number of Shares |
55 mln |
|
Reduction (%) |
50% (canceling 1 for every 2 outstanding shares) |
|
New Capital |
SAR 275 mln |
|
New Number of Shares |
27.5 mln |
|
Method |
Writing off 27.5 mln shares and paying shareholders compensation for the canceled shares at a nominal value of SAR 10/share. |
|
Reason |
Excess of capital above needs |
|
Date |
Effective for all the shareholders who own shares at the end of trading on Sept. 5, and are registered in the shareholders’ register with the Securities Depository Center Co. |
Fitaihi’s shareholders approved a 50% capital cut to SAR 275 million from SAR 550 million, during the extraordinary general assembly meeting (EGM) held on July 7, Argaam earlier reported.
The creditors’ objection period began on July 8, for a period of 60 days, and ended on Sept. 5.
Related News
| Fitaihi capital reduction to come into effect after expiry of creditors' objection on Sept. 5 |
| Fitaihi shareholders approve 50% capital cut, creditors objection period begins today |
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