Maadaniyah says accumulated losses down to 8.3% of capital

Logo of National Metal Manufacturing and Casting Co. (Maadaniyah)

National Metal Manufacturing and Casting Co. (Maadaniyah) said that its accumulated losses fell to 8.298% of capital to reach SAR 29.38 million.

This came after a capital reduction by SAR 47.12 million, followed by a capital hike of SAR 120 million through rights issue.

In November 2021, Maadaniyah’s shareholders approved the board of directors’ recommendation on 16.76% capital cut from SAR 281.12 million to SAR 234 million, to offset SAR 47.12 million in accumulated losses. They also approved SAR 120 million capital increase, through a rights issue, according to data compiled by Argaam.