‎Red Sea Global board recommends 48.44% capital carve, followed by SAR 150 mln rights arena

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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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