Tadawul halts trading on Aslak shares to implement capital cut

14/09/2020 Argaam

The Saudi Stock Exchange (Tadawul) suspends today, Sept. 14, 2020, trading on United Wires Factories Co. (Aslak) shares for two business days.

 

The trading halt will continue until the Securities Depository Center (Edaa) reflects shares reduction on investors’ portfolios.

 

The suspension will be lifted at the end of trading on Tuesday, Sept. 15, 2020 and the fluctuation limits for the company’s shares will be based on a price of SAR 32.30.

 

Meanwhile, all the outstanding orders will be canceled.

 

Aslak announced that no objection was received from its creditors during the creditor objection period ended Sept. 13, 2020, related to the capital reduction process, Argaam reported.

 

Aslak shareholders approved a 20% capital cut to SAR 351 million from SAR 438.75 million after noting a capital surplus during the extraordinary general assembly meeting held on July 15, 2020.

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