The objection period does not suspend the capital reduction process
The creditor objection period pertaining toSeera Holding Group‘splan to reduce its capital begins today, April 5. 
The objection period will last 45 days, until May 19, Seera said in a statement to Tadawul.
During the period, any creditor has the right to object to the capital reduction, by sending a registered letter to the company’s headquarters in Riyadh.
The objection period does not suspend the capital reduction process. If any creditor objects and submits supporting documents within the specified period, the company shall settle the due debt or provide sufficient guarantees if the debt is deferred.
For any valid objection that is not satisfied, the creditor may file a claim before the competent judicial authority prior to the extraordinary general meeting (EGM) that shall vote on the capital reduction.
The competent authority may choose to order payment of debt, providing adequate guarantees, or postpone of the EGM.
The capital reduction remains subject to shareholders’ approval, and an EGM will be scheduled after the end of the creditor objection period, the statement noted.
In June, Seera’s board recommended reducing the company’s capital by 8.65% from SAR 3 billion to SAR 2.74 billion, as the capital exceeds the company’s needs, Argaam reported.
The objection period does not suspend the capital reduction process
The creditor objection period pertaining toSeera Holding Group‘splan to reduce its capital begins today, April 5.
The objection period will last 45 days, until May 19, Seera said in a statement to Tadawul.
During the period, any creditor has the right to object to the capital reduction, by sending a registered letter to the company’s headquarters in Riyadh.
The objection period does not suspend the capital reduction process. If any creditor objects and submits supporting documents within the specified period, the company shall settle the due debt or provide sufficient guarantees if the debt is deferred.
For any valid objection that is not satisfied, the creditor may file a claim before the competent judicial authority prior to the extraordinary general meeting (EGM) that shall vote on the capital reduction.
The competent authority may choose to order payment of debt, providing adequate guarantees, or postpone of the EGM.
The capital reduction remains subject to shareholders’ approval, and an EGM will be scheduled after the end of the creditor objection period, the statement noted.
In June, Seera’s board recommended reducing the company’s capital by 8.65% from SAR 3 billion to SAR 2.74 billion, as the capital exceeds the company’s needs, Argaam reported.
