United Wire Factories Co. (Aslak) submitted, on March 10, a request to the Capital Market Authority (CMA to cut its capital by 20%, according to a bourse statement on Wednesday.
In January 2020, Aslak appointed Al Wasatah Al Maliah (Wasatah Capital) as financial advisor for its planned capital cut.
In mid-January, the company’s board of directors recommended a 20% capital reduction to SAR 351 million from SAR 438.75 million through cancelling 20% of shares, attributing the reason to a capital surplus.
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