Monday , June 14 2021

The board of Al-Khudari recommends a 36% credit reduction and decides to use the reserve to cover part of any accumulated loss



The Board of Directors of Abdulla Mohsen's Al-Khudari Sons Company recommended that company involvement of 36% from SAR 557.8 million to SR 355.8 million be offset by cancellation of 20.2 million shares abolish one party against all existing 2.76 volumes If you see & # 39; the following table:

Details of main reduction

Active Capital

SAR 557.81 million

Number of shares

55.78 million parts

Discount rate

36% (one part with 2.76 shares)

Capital city after reduction

Rls 355.80 million

Shares number to reduction

35.58 million shares

Reduction method

Completion of 20.2 million shares

Reasons

EThe corporate headquarters is most structured to reduce SAR 202 million from accepted losses

The company stated in a statement by Tadawul that there was no significant influence on capitalization on financial, operational or organizational obligations, operations or actions.

The company explained that the date of reduction is the end of & # 39; the second day of & # 39; Being a trader will follow the exceptional general meeting that has decided to lower the capital, noting that the reduction of capital and the number of shares is subject to & # 39; approval; extra official agencies and general care.

She has added that a financial adviser will be appointed and a capital reduction report will be submitted to the authorities and will be discussed later as a financial adviser is appointed to lower the capital. The capital amount requested is also disclosed to the CMA for approval.

At its meeting on January 17, 2019, the board of directors decided to use a full legal reserve of 70.99 million SR for a part of & # 39; cover an accumulated loss of SR 273 million.

The company stated in a "Tadawul" statement that under this decision the recommendation of & # 39; The Council's council meetings will be announced on 9 January 2019.

She explained that the decision is within the authority of the administrative administrative board, with the aim of losing the accuracy as soon as possible without waiting for the AGM, which is positive about the presentation of a financial statement from & # 39; Companies reflected.

According to data available in "Numbers" The Board of Abdullah Abdul Mohsen Al Khodari Sons Company has recommended some & # 39; a regular General Meeting to use SR 70.99 million full legal reserve for part of & # 39; cover an accumulated loss of SR 273 million.


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