Heed of Red Sea
Red Sea Global Co.’s board of directors instructed lowering capital by 48.44% from SAR 600 million to SAR 309.39 million (one fragment for every 2.065 shares), to jot down off the collected losses, the firm talked about in a bourse filling.
|
Capital Lower Minute print |
|
|
Most modern capital |
SAR 600 mln |
|
Number of shares |
60 mln |
|
Nick rate (%) |
48.44% (one fragment for every 2.065 shares) |
|
Contemporary capital |
SAR 309.39 mln |
|
Contemporary collection of shares |
30.94 mln |
|
Formula |
Canceling 29.06 mln |
|
Cause |
To restructure the firm’s capital to jot down off its collected losses and toughen future plans |
The capital reduction won’t affect the firm’s obligations, operations, and even monetary, working and regulatory efficiency.
The circulation is pending the approval of competent authorities and upcoming extraordinary regular assembly (EGM).
Meanwhile, the board instructed a capital amplify to SAR 459.39 million, following the capital reduction, thru providing a rights arena rate SAR 150 million, as follows:
|
Capital Lengthen Minute print |
|
|
Capital after reduction |
SAR 309.39 mln |
|
Number of shares after reduction |
30.94 mln |
|
Lengthen (%) |
48.48% (8 shares for everyone fragment excellent) |
|
Capital after amplify |
SAR 459.39 mln |
|
Number of shares after amplify |
45.94 mln |
|
Lengthen methodology |
Adding 15 mln shares |
|
Causes |
To toughen the firm’s working capital, enhance its monetary solvency, fabricate a contemporary manufacturing facility in the Central Plan, and agree with the firm’s capabilities in residential compounds management, along with to other capabilities |
|
Eligibility |
Shareholders of epic on the EGM date and who are registered with the Securities Depository Heart Co. (Edaa) on the terminate of the 2d buying and selling day following the EGM date |
The capital amplify is pending the approval of competent authorities and the upcoming EGM.
The board of directors furthermore decided to nominate Al Rajhi Capital as a monetary advisor for the capital reduction and amplify. This might be launched when submitting the file of capital reduction and amplify to the Capital Market Authority (CMA) for approval.
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