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Fitaihi Holding Group announces its Board's Recommendation to reduce the Company's Capital (being over the Company's need)

Element ListExplanation
Introduction The board of directors of Fitaihi Holding Group recommended to reduce the Company's capitl as follows:
Date of Board Meeting 2021-03-04 Corresponding to 1442-07-20
Capital before decrease 550,000,000
Capital after decrease 275,000,000
Percentage of Capital decrease 50 %
Number of Shares before Decrease 55000000
Number of Shares after Decrease 27500000
Reasons for the Capital Decrease The capital is over the Company’s needs.
Method of Capital Decrease Canceling 50% ​​of the number of shares and compensating the shareholders for that.
Impact of the Capital Decrease on the Company's Obligations, Operations or Operational, Financial or Organizational Performance of the Company The reduction process will be funded by using the surplus cash balances of the Company with the announcement of all the details through the Shareholders’ Circular following the procedures.

There will be no material impact of the capital reduction on the Company's financial or operating obligations, operations, or performance.

The management expects the reduction to have a positive impact on the ratios of the Company's performance and profitability indicators.

Date of reduction The End of the Second Trading Day after the Extra Ordinary General Assembly Meeting in which Decrease was Resolved
Approvals The reduction process of the capital and the number of shares is conditional on the approval of the official authorities and the extraordinary general assembly of the Company.
Appointment of a Financial Advisor and the Submission of the Application for Capital Decrease to CMA The appointment of the financial advisor for the reduction process will be announced later on, as well as the announcement of the application file submission for capital reduction to the Capital Market Authority for approval, in addition to any other substantial developments.

The Capital Market Authority and the Saudi Stock 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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