Naeem Holding's EGM mulls capital reduction to write off treasury shares

Mubasher: The extraordinary general meeting (EGM) of Naeem Holding for Investment will consider the reduction of the issued and paid-up capital to $245.29 million.

This step aims to write off 27.44 million treasury shares at a nominal value of $0.70 per share, with a total value of $19.21 million, according to a bourse filing on Tuesday.

After reducing the capital, the company's shares will reach 350.41 million shares.

It is noteworthy to mention that in the 2020 unaudited financial results, the company incurred net losses of $1.38 million, down by 79.5% year-on-year (YoY) from $6.77 million.

Mubasher Contribution Time: 16-Mar-2021 12:05 (GMT)
Mubasher Last Update Time: 16-Mar-2021 12:05 (GMT)