United Wires Factories Co. (Aslak) said the creditors' objection period to start the process of reducing the company's capital will expire on Sept. 13, 2020.
Under the Companies Law, the decision to reduce the capital will be effective immediately after the creditors' objection period has expired, in the absence of any outstanding objection from creditors.
Aslak shareholders approved a 20% capital cut to SAR 351 million from SAR 438.75 million on having a capital surplus on July 15, 2020, during the extraordinary general meeting (EGM) on July 15, 2020.
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