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Care gains approval for debt-to-equity conversion
Al-seir International Company announced that it has received preliminary approvals from a major shareholder and creditors to convert debts totaling 28.25 million riyals into shares of the company, as part of a plan to restructure the capital and improve its financial position. The approvals include converting 18.25 million riyals of debt from Eraad Holding Company and its subsidiary, as well as 10 million riyals from Mohammed bin Ali Al Delaan, to support the company's sustainability and reduce the burden of liabilities. This step is part of a study of financial options to enhance financial performance and is subject to completing regulatory procedures and obtaining approvals from relevant regulatory authorities and the extraordinary general assembly. So far, there has been no direct financial impact, and the approvals are preliminary. The step requires completing further analyses and final approval.
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