Riyadh – Mubasher: The board of Abdulmohsen Alhokair Group for Tourism and Development (Alhokair Group) approved amending its previously proposed capital cut to 51.54% from 46.15%.
Accordingly, the group’s capital will be reduced to SAR 315 million from SAR 650 million by cancelling 33.50 million of the company’s shares, according to a bourse filing on Wednesday.
The capital cut aims to amortise 98.93% of the accumulated losses amounting to SAR 338.63 million as of 30 June 2022 where 67 shares will be cancelled for every 130 issued shares.
On 13 June, the board suggested reducing the capital to SAR 350 million from SAR 650 million to offset 98.79% of the company’s SAR 303.66 million accumulated losses that were registered in the first quarter (Q1) of 2022.
In the first half (H1) of 2022, the net losses after Zakat and tax of Alhokair Group plummeted by 48.99% to SAR 66.34 million, versus SAR 130.05 million in H1-21.
