National Metal Manufacturing and Casting Co. Announces an update on National Metal Manufacturing and Casting Co. Announces an update on National Metal Manufacturing and Casting Company Announces Its Board Of Directors Recommendation To Reduce The Company's Capital And A Subsequent Capital Increase Through Rights Issue.
| Element List | Explanation |
|---|---|
| Introduction | With reference to National Metal Manufacturing and Casting Company announcement on 19/08/1442H Corresponding to 01/04/2021G regarding an update on National Metal Manufacturing and Casting Company Announces Its Board Of Directors Recommendation To Reduce The Company's Capital And A Subsequent Capital Increase Through Rights Issue, and based on the losses that were recorded according to the financial statements for the first quarter of the year 2021G, The company’s board of directors decided on 12/10/1442H corresponding to 24/5/2021G to amend the recommendation related to reducing the company's capital to be as follows:
a. The company’s capital before the decrease is 281,120,890 SAR, the capital after the decrease 234,000,000 SAR, at a reduction of 16.76% of the company's capital.
b. Number of shares before the decrease 28,112,089 shares, number of shares after the decrease 23,400,000 shares.
c. Reason for the capital decrease: write off the accumulated losses with the amount of 47,120,890 SAR.
d. Method of Capital Decrease: Cancelling 4,712,089 shares of the company’s shares, (1) share will be reduced for every (5,966) shares.
e. Impact of the Capital Decrease on the Company's Obligations: There is no impact of reducing the company's capital on its financial obligations.
f. Date of reduction: The End of the Second Trading Day after the Extra Ordinary General Assembly Meeting in which Decrease was Resolved. |
| Previous Announcement | National Metal Manufacturing and Casting Co. Announces an update on National Metal Manufacturing and Casting Company Announces Its Board Of Directors Recommendation To Reduce The Company's Capital And A Subsequent Capital Increase Through Rights Issue. |
| Date of Previous Announcement on Tadawul's Website | 2021-04-01 Corresponding to 1442-08-19 |
| Percentage of fulfilled achievement | N/A |
| Event's Expected Completion Date | N/A |
| Reasons for Exceeding the Announced End Date | N/A |
| The costs associated with the event, and if they have changed or not with indication of the reasons. | N/A |
| Impact of the Delay on the Company's Financial Results | N/A |
| Additional Information | Note that the approval of the related official authorities and the extraordinary general assembly is required to reduce the capital and the number of shares. |
Comments