Saudi Arabian Amiantit Co. (Amiantit) will adopt on Friday, Nov. 27, 2020, the electronic voting on the agenda of its extraordinary general meeting (EGM), slated for Dec. 1, 2020, according to a bourse filing on Thursday.
Shareholders are set to vote on a 41.95% capital cut to SAR 200 million from SAR 344.52 million through the cancellation of 14.45 million shares. Shareholders will also discuss increasing the capital to SAR 320 million from SAR 200 million, through a SAR 120 million rights issue.
The move came after the Capital Market Authority (CMA) issued, on March 16, a circular to enable shareholders to participate and vote on general meeting agenda items through Tadawulaty system in line with the government’s efforts to prevent the spread of coronavirus.
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