Saudi Real Estate Company announces to decrease one of its subsidiaries capital (Wholly owned by Alakaria)
|Announcement Detail||The Saudi Real Estate Company announces the approval of the Extraordinary General Assembly of Al Widyan Saudi Real Estate Company, which is 100% owned by ALAKARIA and held on 07/08/2022 on the following: |
First: Approval of reducing the company’s capital from one hundred million Saudi riyals (100,000,000) to five hundred thousand Saudi riyals (500,000), divided into (50,000) nominal shares of equal value, each of which is (10) ten Saudi riyals.
Second: Approval of the amendment of Article Seven of the Articles of Association related to the company’s capital in accordance with the reduction decided in the first clause of the amendment as follows: “The company’s capital (500,000) determined by five hundred thousand Saudi riyals, divided into (50,000). Fifty thousand shares of nominal value, the value of each of which is (10), all the shares are ordinary.
Third: Approval of the amendment of Article Eight of the Articles of Association related to subscribing to shares in accordance with the reduction prescribed in the first clause, so that the article after the amendment becomes as follows: “The owner\ Saudi Real Estate Company- public joint stock company incorporated by Royal Decree No. (M / 58) dated 17/07/1396H, Its commercial registration number is (1010012539), dated 17/06/1397 H, Issued in Riyadh, subscribed for the entire share capital of (50,000) fifty thousand shares".
Also, this reduction does not have any effect on the continuity of the company's business or its obligations.
Accordingly, Al Widyan Saudi Real Estate Company will complete the rest of the statutory procedures resulting from the decision of the assembly’s resolution.
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.