Logo of National Metal Manufacturing and Casting Co. (Maadaniyah)
Shares of National Metal Manufacturing and Casting Co. (Maadaniyah) have their ex-rights today, Nov. 23, pending the general assembly’s approval.
Shareholders are set to vote on a 16.76% capital cut recommendation, from SAR 281.12 million to SAR 234 million, during the extraordinary general assembly meeting (EGM) that will be held today. Upon approval of the capital cut process, shareholders will vote on a capital hike of SAR 120 million through a rights issue.
The capital hike aims at boosting solvency margin and cutting borrowing and its associated costs.
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