Saturday, 2 March 2024

Shaker Submits Application File to CMA for Capital Reduction

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Al Hassan Ghazi Ibrahim Shaker Company announced its submission on Thursday 23.12.2021 the application file for approval to reduce the company’s capital and the application file for approval to increase the company’s capital by offering of rights issue to the Capital Market Authority.

The company indicated on Tadawul on Thursday that reducing the capital by SR 147,666,000, and then increasing the capital by offering of rights issue in the amount of SR 249,000,000.

This comes with reference to the announcement of Al-Hassan Ghazi Ibrahim Shaker Company dated 19.09.2021 regarding the Board of Directors’ recommendation to reduce the company’s capital and then increase the company’s capital through rights issues by issuing rights shares.

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In addition, the company’s announcement of the update to the recommendation of its board of director’s recommendation to reduce the company’s capital and a subsequent capital increase through the issuance of rights issue shares on 10.11.2021

The addendum announcement on 11.11.2021 also the company’s announcement of the update to the recommendation of its board of directors recommendation to reduce the company’s capital and a subsequent capital increase through the issuance of rights issue shares on 16.12.2021.

The company added that the approval of the extraordinary general assembly on the process of increasing the company’s capital by issuing of rights issue is conditional on the extraordinary general assembly’s approval of the proposed reduction of the capital.

The company will announce any future developments in this regard in due course.

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