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Shaker Group's shareholders nod to 23% capital cut

Shaker Group's shareholders nod to 23% capital cut
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Riyadh – Mubasher: The shareholders of Al Hassan Ghazi Ibrahim Shaker Company (Shaker Group) have approved the board's recommendation to reduce its capital from SAR 630 million to SAR 482.33 million.

The Saudi company will decrease its capital by 23.44% after cancelling 14.76 million ordinary shares, equivalent to 2.34 shares for every 10 owned shares, according to a bourse disclosure.

The new capital will be distributed over 48.23 million shares, compared to 63 million shares prior to the cut.

The capital reduction aims to amortise the SAR 147.66 million accumulated losses that were registered as of 30 September 2021.

It is worth noting that Shaker Group reported net profits after Zakat and tax worth SAR 27.95 million last year, a leap of 248.44% from SAR 8.02 million in 2020.