Sadirat agrees to reduce capital to SR21.6 million to amortize accumulated losses

An addendum announcement from the Saudi Industrial Exports Company (Sadirat) regarding the announcement of the results of the extraordinary general assembly meeting, which included the approval of reducing the company’s capital (the second meeting).

Reference to the announcement by the Saudi Industrial Export Company of the results of the Extraordinary General Assembly meeting, which included the approval of reducing the company’s capital (the second meeting) on 16-02-2022 on the website of the Saudi Financial Company (Tadawul).

Voting Results on the Items of the General Assembly’s Meeting Agenda’s

            1- Approve regarding the Board of Directors’ recommendation to reduce the company’s capital according to the following:

– The company’s capital before the reduction: (64,800,000) Saudi riyals

-Company capital after reduction: (21,600,000) Saudi riyals

– Number of shares before the reduction: (6,480,000) shares

– Number of shares after reduction: (2,160,000) shares

– Reduction rate: 66.66% of the company’s capital

– Reason for capital reduction: To restructure the capital and amortize (96.71%) of the accumulated losses as on September 30, 2021, at a value of (43,320,000) Saudi riyals

– Capital reduction method: cancel (4,320,0000) shares of the company’s shares, 2 shares will be reduced for every 3 shares

– Date of reduction: at the end of the second trading day following the date of the Extraordinary General Assembly in which it was decided to reduce the capital

– The effect of the capital reduction on the company’s obligations: there is no effect of the company’s capital reduction on its financial obligations.

2- Approve on amending Article No. (3) of the company’s articles of association related to the company’s objectives.

3- Approve on amending Article No. (7) of the company’s articles of association related to Company’s capital.

4- Approve on amending Article No. (8) of the company’s articles of association related to subscription for shares.

5- Approve on amending Article No. (53) of the company’s articles of association related to the liability claim.