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Emaar, The Economic City Announces the Recommendation of the Board of Directors to Reduce the Capital of the Company
4220
EMAAR EC
-0.89
%
1446/03/05 08/09/2024 08:44:48
| Element List | Explanation |
|---|---|
| Introduction | Emaar, the Economic City (the “Company”) announces the issuance of the Board of Director’s resolution via circulation on 05 Rabi Alawwal 1446H (corresponding to 08 September 2024G) to recommend the reduction of the Company’s capital to the Extraordinary General Assembly, as detailed below. |
| Date of Board Meeting | 2024-09-08 Corresponding to 1446-03-05 |
| Capital before decrease | 11,333,333,340 |
| Capital after decrease | 5,702,171,690 |
| Percentage of Capital decrease | 49.69 % |
| Number of Shares before Decrease | 1133333334 |
| Number of Shares after Decrease | 570217169 |
| Reasons for the Capital Decrease | To extinguish accumulated losses, which as at 30 June 2024 was SAR 5,631,161,654. |
| Method of Capital Decrease | Cancelling five hundred sixty-three million one hundred sixteen thousand one hundred sixty-five (563,116,165) shares of the Company’s shares, by cancelling (0.4969) share for every one (1) share owned. |
| Impact of the Capital Decrease on the Company's Obligations, Operations or Operational, Financial or Organizational Performance of the Company | The capital reduction will not have any significant impact on the liabilities, operations or performance of the Company. |
| Date of reduction | The end of the second trading day after the extraordinary general assembly meeting in which the capital reduction is resolved. |
| Approvals | Reducing the capital is conditional on the approval of the regulatory authorities and the Extraordinary General Assembly. |
| Appointment of a Financial Advisor and the Submission of the Application for Capital Decrease to CMA | SNB Capital Company was appointed on 05 Rabi Alawwal 1446H (corresponding to 08 September 2024G)as the financial adviser in relation to the capital reduction, and Khoshaim & Associates as the legal adviser. The Company will make an announcement when it files the capital reduction application with the Capital Market Authority (the “CMA”), and further developments in line with the CMA’s rules. |
| Additional Information | This comes as a part of the overall capital optimization plan the Company launched, and to enhance its ability to move forward with its growth plans. |
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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Key Parameters
Last Price 15.6
Net Change -0.14 (-0.89%)
Value Traded (Sar) 4,226,162.14
Volume Traded 270,873
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