United Wire Factories Co.’s (Aslak) board of directors recommended a 20% capital cut to SAR 351 million from SAR 438.75 million due to a capital surplus, the company said in a statement on Tadawul.
The process will take place through writing off 20% of the shares and compensating shareholders in return.
The capital cut will be financed from the company’s cash surplus.
The step is expected to have a positive impact on the company through improving performance indices, the statement said.
The capital cut is pending approval from the general assembly and regulator.
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Key Figures of the Capital Reduction |
|
|
Current Capital |
SAR 438.75 mln |
|
Number of shares |
43.88 mln shares |
|
Reduction (%) |
20% |
|
New Capital |
SAR 351 mln |
|
New number of shares |
35.1 mln shares |
|
Method |
Canceling 20% of shares |
|
Record date |
General assembly meeting (including those registered at the Securities Depository Center two days following the end of creditors' objection period) |
|
Driver |
The increase of capital above company’s needs |
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