Trading Vodafone Qatar Shares to be
Suspended Thursday 15/11/2018 Due to Capital Reduction
November 13,
2018
Vodafone Qatar announces that trading in the company’s
shares will be suspended for one day on Thursday, 15 November
2018, as per regulatory requirements, on account of its
previously announced capital reduction that will take effect on
the same day. Trading in the company’s shares will resume on
Sunday, 18 November 2018.
Vodafone Qatar obtained its shareholders approval at
the company’s Extraordinary General Assembly on 19 March 2018,
in addition to all requisite regulatory approvals, to proceed
with the implementation of the capital reduction.
The capital reduction is essentially a balance sheet
transaction effected by means of an accounting adjustment all
within the “Total Equity” section. The share capital of the
company will be reduced from QR 8,454,000,000 to QR
4,227,000,000 by way of reducing the nominal value of the shares
of the company from QR 10 per share to QR 5 per share. The
transaction has no impact whatsoever on the value or the number
of the shares held by shareholders or on the cash position or
financial liquidity of the company.
The objective of the capital reduction is to enable the
company to extinguish its accumulated losses associated with the
amortization costs of the company’s Telecommunications Networks
& Services License. This delivers the long term growth potential
of the company, attracts new investors and enables future
payment of dividends in line with the applicable law and the
company’s Articles of Association.
To view the impact of capital reduction
click here
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