December 9. “Shams” shareholders discuss 48% capital reduction

The board of directors of the Shams tourism company has invited shareholders to participate in the extraordinary general meeting, on December 9, 2021, to vote on the company’s board of directors’ proposal to reduce the capital.

The company stated in a statement to “Saudi Tadawul”, today, Thursday, that the company’s capital after the reduction amounted to approximately 52.57 million riyals, a reduction of 48.21%, compared to 101.5 million riyals of the capital before of the reduction.

He added that the number of shares after the reduction amounts to approximately 5.26 million shares, compared to 10.15 million shares before the reduction.

He explained that the reason for the capital reduction is the extinction of accumulated losses of 48.93 million riyals.

The method of reducing the capital consists in the cancellation of approximately 4.89 million shares of the company, reducing by one share for every 2,074 shares.

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