Edaa applies capital reduction for SIIG
According to data available with argaam, SIIG shareholders approved on a 10% capital decrease to SAR 6.8 billion from SAR 7.5 billion, for exceeding business needs, during an extraordinary general meeting (EGM) held recently.
Shareholders will be compensated for the cancelled shares by the distribution of SAR 754.8 million, at the rate of SAR 10 per cancelled share.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Argaam
12 minutes ago
- Argaam
PIF is ramping up investments, says Gov. Al-Rumayyan, citing new AI and automation integration
Yasir Al-Rumayyan, Governor of the Public Investment Fund (PIF), said that the fund launched a new and promising phase of superior performance and qualitative innovation during the past year, marked by the systematic integration of artificial intelligence applications, smart automation solutions, and advanced digital capabilities into all of the fund's operations.
Arab News
42 minutes ago
- Arab News
Saudi accounting organization to conduct fellowship exams in English
RIYADH: The Saudi Organization for Certified Public Accountants will make its fellowship available internationally by offering their exam in English alongside Arabic. Registration will begin on Thursday and the first exam will be held in September. 'The SOCPA fellowship has gained recognition from respected professional bodies around the world for its rigorous standards and advanced curriculum, making it one of the most sought-after qualifications in accounting and auditing,' according to a press release issued by the organization on Tuesday. Accountants and professionals from any country can earn the fellowship by completing the program and taking the exam in English. The exam consists of 75 percent multiple-choice questions and 25 percent essay questions. It includes six main subjects: Financial accounting, managerial and governmental accounting, auditing, zakat and tax, business environment, and regulations. It combines academic study with practical application. Ahmed Al-Meghames, CEO of SOCPA, told Arab News: 'The SOCPA fellowship is distinguished by its standardized accounting content and diversity, covering accounting aspects and the environment in which it operates.' 'It prepares holders to work efficiently in diverse and multifaceted regulatory environments,' he said. 'Our vision is for the SOCPA fellowship to become a global benchmark for excellence in accounting, reflecting international best practices and highlighting the Kingdom's leadership in the accounting sector,' Al-Meghames said. This aligned with the objectives of Saudi Vision 2030 to diversify the economy, develop human capital and solidify the Kingdom's position as a regional and global hub for financial and professional services. 'Our strategy combines competition and integration while fulfilling the aspirations of beneficiaries of accounting and financial services in the Kingdom,' Al-Meghames said. The number of professional licenses issued in the past five years has increased by 126 percent compared to the total issued since SOCPA's establishment in 1992. 'This reflects the significant progress witnessed by the Saudi accounting sector,' he said.
Argaam
42 minutes ago
- Argaam
Leejam sports renews, increases SAR 960M credit facilities with SAB
Leejam Sports Co. said it renewed and increased its shariah-compliant credit facilities with Saudi Awwal Bank (SAB) to SAR 960 million to fund capital and investment spending for future expansions and meet working capital needs. The package includes a SAR 794 million medium-term Murabaha loan to finance expansion-related capital and investment expenditures, a SAR 50 million short-term loan for working capital, and SAR 116 million for bank guarantees and letters of credit, the company said in a statement to Tadawul. The medium-term facilities have a five-year term with a one-year grace period, while the short-term facilities mature in six months. Bank guarantees and letters of credit carry terms of one to three years. Leejam said the financing is backed by promissory notes equal to the value of the facilities and involves no related parties.
