Aslak names Wasatah Capital as financial advisor for capital cut

30/01/2020 Argaam

 

United Wire Factories Co. (Aslak) appointed on Jan. 29 Al Wasatah Al Maliah (Wasatah Capital) as financial advisor for its prospective capital cut, according to a bourse filing on Thursday.

 

The company will disclose the date of submitting the file of capital cut to the Capital Market Authority (CMA) for approval, as well as any development in due course.

 

In mid-January, the company’s board of directors recommended a 20% capital reduction to SAR 351 million from SAR 438.75 million through writing off 20% of shares, attributing the reason to a capital surplus.

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