Completion of the Share Capital Decrease of the Offtec Holding Group Co.
Date: 19/10/2022
| On Wednesday 19/10/2022 the SDC completed the process of decreasing the share capital of (4,719,500) JOD /share of the Offtec Holding Group Company with a nearly 12 percent. Thereby, the SDC record of the Company indicates the decrease of its capital from (39,569,500) JOD /share to a registered capital of (34,850,000) JOD /share as a result of the mentioned share capital decrease. | |
| The share capital decrease was performed through: | |
| 1. | Decreasing the share capital of (3,705,760) JOD to redeem the entire balance of the retained losses as of 31/12/2021. Thereby, the SDC record indicates the decrease of its capital from (39,569,500) shares to a registered capital of (35,863,740) shares as a result of the mentioned share capital decrease. |
| 2. | Decreasing the share capital of (1,013,740) JOD and distributing its excess cash to the shareholders. Thereby, the SDC record indicates the decrease of its capital from (35,863,740) shares to a registered capital of (34,850,000) shares as a result of the mentioned share capital decrease. |
| The above mentioned procedure is conducted based upon the company's General Assembly's resolution made in its extraordinary meeting held on 19/07/2022 which was granted the approval of the Ministry of Industry, Trade and Supply on 27/09/2022. | |
