Riyadh — Mubasher: Keir International Company has received two formal approval letters on 21 July 2026 regarding the potential conversion of outstanding debt into company shares, according to a bourse discosure.
The move is part of a strategic plan to restructure the firm’s capital and strengthen its financial position.
The first approval came from EIRAD Group, a major shareholder, which agreed to make SAR 18.25 million in receivables available for conversion. This amount includes dues owed to EIRAD Group and its subsidiary, New Generation Mission Systems Arabia (NGMSA), as of 30 June 2026.
Additionally, Mohammed bin Ali Al Dhalaan, a related party, provided consent to convert SAR 10 million of his outstanding receivables as of the same date.
The company stated that these preliminary approvals are conditional upon completing all necessary legal procedures and obtaining regulatory clearances, including the consent of the extraordinary general assembly.
Keir International confirmed there is no immediate financial impact from these letters.
Meanwhile, the board continues to evaluate restructuring options and will disclose further material developments as they occur.
Earlier, Keir International unveiled that its board members proposed a comprehensive strategic plan to address accumulated losses that hit SAR 148.43 million as of 31 December 2025.
