The Saudi Capital Market Authority has announced its approval of the National Metal Manufacturing and Casting Company “Madeniya” request to reduce the company’s capital from 281.12 million riyals to 234 million riyals, thereby reducing the number of shares in the company from 28.11 million shares to 23.4 million shares.
The authority stated in a note today, Tuesday, that tale approval is subject to the approval of the extraordinary general meeting of the company and the completion of the related procedures and legal requirements.
The company will publish a report prepared by the company containing the proposed method of reducing the capital and the expected effects of tale reduction, long before the Extraordinary General Meeting is held for shareholders to vote on the decision to reduce the capital.
The Authority clarified that the approval of the company’s request for a reduction in capital must not be interpreted as an endorsement of the feasibility of the reduction in capital, in when the Authority’s decision to approve the company’s request means that the legal requirements pursuant toart. Capital market law and its implementing regulations.
The Capital Market Authority also issued its decision approving the National Metal Manufacturing and Casting Company “Madaniya” request to increase its capital through a rights issue of 120 million riyals.
This approval is subject to the approval by the extraordinary general meeting of the company to reduce the capital and complete the related procedures and statutory requirements, provided that the eligibility belongs to the shareholders registered in the issuer’s shareholders’ register at the Deposit Center. at the end of the second trading day following the date of the extraordinary shareholders’ meeting which approved the share capital increase by means of a share capital increase, the date of which will subsequently be determined by the company’s board of directors.
The offering price and the number of shares offered in subscription will be determined by the company after the close of trading on the day of the extraordinary meeting.
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