Al Hokair Group GA approves BOD recommendation to reduce capital to 315 mln to amortize accumulated losses

The Board of Directors of Abdul Mohsen Al Hokair Group for Tourism and Development announced on Sunday the results of the Extraordinary General Assembly (first meeting) held on Thursday 6/10/2022 after the quorum was completed to validate the assembly the attendance rate reached 52.52% from capital.

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

The Extraordinary General Assembly of the company’s shareholders has approved the agenda, where the results of the voting were as follows:

• Approval on the recommendation of the Board of Directors of the company to reduce the company’s capital according to the following:

– Company capital before reduction: 650 million (SR650,000,000)

– Company capital after reduction: 315 million (SR315,000,000)

– Company capital after reduction: 315 million (SR315,000,000)

Number of shares before reduction: 65 million (65,000,000) shares.

Number of shares after reduction: thirty-One million five hundred thousand (31,500,000) shares.

– Reduction percentage:51.54% of the company’s capital.

– Reason for capital reduction to write off the accumulated losses amounting of three hundred thirty-eight million six hundred thirty-one thousand (SR338,631,000)

– Capital Reduction Method: Cancellation of 33,500,000 shares of the company’s shares, to amortize 98.93% of the accumulated losses amounting to SR338,631,000 as on June 30, 2022, whereby (67) shares will be cancelled for every (130) shares of the issuing company’s shares.

– Reduction date: If the item is approved, the reduction decision will be effective on the company’s shareholders who own shares on the day of the extraordinary general assembly who are registered in the company’s shareholders’ register with the Securities Depository Center Company (Depository Center) at the end of the second trading day following the date of the extraordinary general assembly. Ordinary in which it was decided to reduce the capital

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

– Amendment of Article (7) of the Company’s Capital Statute.

– Amendment of Article (8) of the Company’s Stock Subscription Statute