Seera announces board recommendation to reduce capital to SAR 2.7 billion

Seera Group Holding Co. announced on Thursday that its board of directors has recommended reducing the company’s capital by 8.65%, from SAR 3 billion to SAR 2.7 billion, citing surplus capital beyond the company’s operational needs.

According to a statement on Tadawul, the number of shares will decrease from 300 million to 274 million. The capital reduction will be executed by cancelling 25,951,348 ordinary treasury shares, including 2,034,737 shares allocated to the company’s employee share program. This represents a cancellation rate of 8.65 shares for every 100 shares held.

The proposed reduction remains subject to regulatory approvals and the approval of the Extraordinary General Assembly. If approved, the reduction will take effect on the second trading day following the assembly meeting.