Logo of Keir International Co.
Keir International Co.’s board of directors recommended last Thursday, Sept. 17, reducing the company’s capital by 72.018% through the cancellation of 86.42 million shares, equivalent to 0.7202 share for every one share held, to offset accumulated losses. 
Capital reduction details
Current capital
SAR 120 mln
Number of shares
120 mln shares
Capital after reduction
SAR 33.58 mln
Number of shares after reduction
33.58 mln shares
Reduction percentage
72.018%
Reason for reduction
Restructuring the company’s capital to offset SAR 86.42 mln of accumulated losses
Reduction method
Cancellation of 86.42 mln shares, equivalent to 0.7202 share for every one share held
Reduction date
End of the second trading day following the extraordinary general meeting (EGM) at which the capital reduction is approved
In a statement on Tadawul, the company said the capital reduction would have no material impact on its liabilities, operations, financial, operational or regulatory performance.
The capital reduction recommendation is subject to the approval of the relevant authorities and the company’s extraordinary general meeting, as well as the completion of all related regulatory procedures and requirements.
It added that Estidamah Capital was appointed as financial adviser for the capital reduction, noting that an announcement will be made when the application for the capital reduction is submitted to the Capital Market Authority (CMA) for approval.
The agreement with Estidamah Capital, in its capacity as financial adviser, covers advisory services and support related to the capital reduction, including evaluating the relevant options, procedures and regulatory requirements and providing the necessary recommendations in this regard.
Logo of Keir International Co.
Keir International Co.’s board of directors recommended last Thursday, Sept. 17, reducing the company’s capital by 72.018% through the cancellation of 86.42 million shares, equivalent to 0.7202 share for every one share held, to offset accumulated losses.
Capital reduction details
Current capital
SAR 120 mln
Number of shares
120 mln shares
Capital after reduction
SAR 33.58 mln
Number of shares after reduction
33.58 mln shares
Reduction percentage
72.018%
Reason for reduction
Restructuring the company’s capital to offset SAR 86.42 mln of accumulated losses
Reduction method
Cancellation of 86.42 mln shares, equivalent to 0.7202 share for every one share held
Reduction date
End of the second trading day following the extraordinary general meeting (EGM) at which the capital reduction is approved
In a statement on Tadawul, the company said the capital reduction would have no material impact on its liabilities, operations, financial, operational or regulatory performance.
The capital reduction recommendation is subject to the approval of the relevant authorities and the company’s extraordinary general meeting, as well as the completion of all related regulatory procedures and requirements.
It added that Estidamah Capital was appointed as financial adviser for the capital reduction, noting that an announcement will be made when the application for the capital reduction is submitted to the Capital Market Authority (CMA) for approval.
The agreement with Estidamah Capital, in its capacity as financial adviser, covers advisory services and support related to the capital reduction, including evaluating the relevant options, procedures and regulatory requirements and providing the necessary recommendations in this regard.
