Al-Khudari shareholders approve the financial reorganization proposal

Today, Monday, Abdullah Abdulmohsin Al-Khodari Sons Company “Al-Khodari” announced the approval of the proposed financial reorganization of shareholders under the bankruptcy system of Abdullah Abdulmohsin Al-Khudari Sons Company, during a voting meeting yesterday. evening, Sunday.

The company added, in a statement to “Saudi Tadawul” that the vote comes in light of the ruling of the First Chamber of Commerce of the Dammam Commercial Court issued on Dhu al-Qa’dah 25, 1442 AH, which approved the date of the shareholders’ vote on the proposal.

He explained that the attendance rate was 33.96% and the meeting was chaired by Badr Hatem Al-Tamimi, Secretary of the company’s financial recovery process, in light of the provisions of the third article of the Organization Regulations. of the meetings issued by the Bankruptcy Committee.

He said that the attendance quorum and the outcome of the voting were calculated on the basis of the provisions of paragraph 1 of article 46 of the executive regulation of the bankruptcy system.

Abdullah Abdulmohsen Al-Khodari Sons Company “Al-Khodari” had stated that the financial reorganization proposal, accepted by the Dammam Commercial Court, provided for the increase in the capital of the company through the conversion of the debts of all categories of creditors, equal to approximately 1.826 billion riyals, per shares at a value of 10 riyals per share, to become The new capital is approximately 2.384 billion riyals.

And he added in an earlier statement on “Tadawul Saudi Arabia” that the proposal includes support in cash provided by all creditors except 3 riyal employees for each new share, this support will result in an amount in cash of 512 million riyals, which will be recorded in equity in the company’s accounts.

He explained that the capital increase will be used by converting debts in actions and support in cash to pay off the accumulated loss and the company’s capital will be reduced by 92.11% to reach 188 million riyals, with the aim of paying off the accumulated losses of the company and reducing them to less than 50% of the capital according to the system requirements corporate.

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