‎Alhokair Community board recommends 46.15% capital decrease to amortize accumulated losses

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Designate of Alhokair Community


The board of directors of Abdulmohsen Alhokair Community for Tourism and Style (Alhokair Community) truly helpful a capital decrease of 46.15% from SAR 650 million to SAR 350 million, according to a bourse filing.

The advice targets to restructure the company’s capital to amortize 98.79% of accumulated losses as on March 31, 2022, the assertion added.

Capital Decrease Crucial capabilities

Recent Capital

SAR 650 mln

Alternative of shares

65 mln shares

Capital Decrease %

46.15% (by canceling 3 shares per each and every issued 6.5 shares).

Capital after Decrease

SAR 350 mln

Alternative of Shares after Decrease

35 mln shares

Reason

Restructuring the company’s capital to amortize 98.79% of accumulated losses as on March 31, 2022.

Capital Reduction Methodology

Canceling 30 million shares

Date of Reduction

End of 2d purchasing and selling day after the EGM date

Alhokair Community said that the capital reduction will now not like any huge influence on its obligations, noting that the reduction of capital and the different of shares is pending the approval of relevant authorities and the company’s unprecedented total assembly.

Yaqeen Capital has been appointed as a financial consultant to administer the company’s capital decrease and possess all linked procedures, the company said.

An announcement may be made upon submitting the capital decrease utility to the Capital Market Authority (CMA) for approval and upon any other future tendencies, the assertion illustrious.