Today, Tuesday, the Amiantit Company of Saudi Arabia announced the recommendation of the Board of Directors to reduce the capital of the company and then increase the capital through the issuance of shares with the issue of rights.
The company stated in a statement to Saudi Tadawul, which intends to reduce the capital by 69.06% to reach 99 million riyals, from 320 million riyals.
He said the reason for the reduction is to restructure the company’s capital to offset the accumulated losses.
He indicated that the way to reduce the capital will be through the cancellation of 22,100,000 shares of the company’s shares and one share will be reduced for every 1,447 shares approximately.
Amiantit has appointed the brokerage firm (Wasata Capital) as financial advisor for the reduction and increase in capital, and an announcement will be given at the time of submission of the request file for the reduction of the company’s capital to the Authority for the market of capital for approval.
In the same resolution, the company’s board of directors recommended to the extraordinary general meeting, after completing the capital reduction process, to increase the company’s capital through a capital increase of 221 million riyals.
Read More About: Business News