The Board of Directors of “Al Hokair” recommends assigning the executive management to study ways to restructure the capital

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Fawaz Abdul Aziz Al Hokair & Co. announced the decision of its board of directors to recommend assigning the executive management to study ways to restructure the capital, including reducing the capital; And then raise the capital in proportion to the company’s financial position.

This assignment also includes appointing financial and legal advisors and presenting a future financial plan to the Board of Directors dealing with how to raise the company’s financial solvency, strategic expansion, improvement of operational and financial performance, borrowing rates and costs incurred from them.

The Board’s decision aims to reduce the company’s accumulated losses amounting to 1,037,812,790 riyals as at the end of the 2021 fiscal year ending on 03/31/2021, which is equivalent to 49.4% of the company’s capital amounting to 2,100,000,000 riyals at the end of the same period.

The company will announce any material developments such as the percentage of capital reduction, the date of reduction and the percentage increase in capital, to name a few, at a time, according to the regulations and regulations.





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