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Fawaz Abdulaziz Alhokair Co. Announces Board's Recommendation to Decrease the Company's Capital and Board Approval of a program to sell non-essential brands
| Element List | Explanation |
|---|---|
| Date of Board Meeting | 2024-03-31 Corresponding to 1445-09-21 |
| Capital before decrease | 1,147,664,480 |
| Capital after decrease | 100,000,000 |
| Percentage of Capital decrease | 91.28 % |
| Number of Shares before Decrease | 114766448 |
| Number of Shares after Decrease | 10000000 |
| Reasons for the Capital Decrease | Restructuring of the company's capital to offset accumulated losses. |
| Method of Capital Decrease | Cancellation of 104,766,448shares of the company's stock. |
| Impact of the Capital Decrease on the Company's Obligations, Operations or Operational, Financial or Organizational Performance of the Company | There is no material impact from the capital reduction on the company's financial, operational, or regulatory commitments, operations, or performance. |
| Date of reduction | The End of the Second Trading Day after the Extra Ordinary General Assembly Meeting in which Decrease was Resolved |
| Approvals | Reducing the capital is conditional on the necessity of approval by the official regulators and the extraordinary general assembly to reduce the capital |
| Appointment of a Financial Advisor and the Submission of the Application for Capital Decrease to CMA | Alinma Investment was hired as a financial advisor |
| Additional Information | • Approval of a program to sell non-essential brands with a total of 24 brands, including the Aleph brand and brands for the food group, based on the company’s strategic focus on essential and important brands. These brands are expected to generate revenues worth 650 million Saudi riyals, as their net assets are estimated at 215 million Saudi riyals. • Recommendation to reduce the nominal value of the share from 10 Saudi riyals to 1 Saudi riyal • Directing the executive management to study ways to restructure the company’s capital and the need to increase it after completing the sale of non-essential trademarks and the extent of their impact on the company’s capital. |
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.
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