| Element List | Explanation |
|---|---|
| Introduction | United Wire Factories Co. Announces Board’s Recommendation to Decrease the Company’s Capital |
| Date of Board Meeting | 2022-11-02 Corresponding to 1444-04-08 |
| Capital before decrease | 351,000,000 |
| Capital after decrease | 280,800,000 |
| Percentage of Capital decrease | 20 % |
| Number of Shares before Decrease | 35100000 |
| Number of Shares after Decrease | 28080000 |
| Reasons for the Capital Decrease | More capital than needed |
| Method of Capital Decrease | Write off 20% of the number of shares and compensate shareholders accordingly |
| Impact of the Capital Decrease on the Company’s Obligations, Operations or Operational, Financial or Organizational Performance of the Company | The reduction process will be financed by using the company’s surplus cash balances, with all details announced through circulating shareholders in accordance with the procedures, and the Board of Directors believes that the reduction will have a positive impact through improving performance indicators. |
| Date of reduction | The end of the second trading day following the end of the creditors’ objection period. |
| Approvals | The process of capital reducing and the number of shares is conditional on the approval of the official authorities and the extraordinary general assembly |
| Appointment of a Financial Advisor and the Submission of the Application for Capital Decrease to CMA | The appointment of the financial advisor for the capital reduction process will be announced later, as well as the announcement of submitting the capital reduction request file to the Capital Market Authority for approval, in addition to any other material developments. |
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EXPLANATION
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2020-01-13 Corresponding to 1441-05-18
Capital before decrease
No English translation, kindly refer to the Arabic version
Capital after decrease
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