Aslak announces end of creditor objection period on capital cut

04/07/2023 Argaam

Aslak announces end of creditor objection period on capital cut

Aslak products​

United Wire Factories Co. said that the creditor objection period ended on Saturday, July 1, with no claims received, according to a Tadawul statement.

 

In May, Aslak announced the start of the creditors' objection period with regard to its capital reduction, in accordance with the provisions of Article (135) of the Companies Law, Argaam reported.

 

The company obtained the approval of the Capital Market Authority (CMA) earlier on a 20% capital reduction from SAR 351 million to SAR 280.8 million. Accordingly, the shares will reduce from 35.1 million to 28.08 million.

 

In November 2022, Aslak’s board of directors recommended a 20% capital cut from SAR 351 million to SAR 280.8 million on having a capital surplus.

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