Logo of National Metal Manufacturing and Casting Co.
National Metal Manufacturing and Casting Co.’s (Maadaniyah) shareholders approved the board of directors’ recommendation on 16.76% capital cut from SAR 281.12 million to SAR 234 million, during the extraordinary general assembly meeting (EGM) held on Nov. 23.
The capital cut is aimed to offset accumulated losses of SAR 47.12 million.
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Key Figures of the Capital Reduction |
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Current Capital |
SAR 281.12 mln |
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Number of Shares |
28.11 mln |
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Reduction (%) |
16.76% (1 share for every 5.966 shares) |
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New Capital |
SAR 234 mln |
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New Number of Shares |
23.40 mln |
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Method |
Writing off 4.71 mln shares |
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Date of Reduction |
End of second trading day after the date of the EGM, which approved capital reduction |
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Reason |
To Offset SAR 4.71 mln accumulated losses |
Maadaniyah emphasized that there will be no impact of the capital cut on its financial obligations.
The company’s shareholders also approved SAR 120 million capital increase, through a rights issue.
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Key Figures of the Capital Hike |
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Current Capital |
SAR 234 mln |
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Number of shares |
23.40 mln |
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Hike (%) |
51.28% |
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New capital |
SAR 354 mln |
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Number of shares after increase |
35.40 mln |
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Method |
Offering 12 mln rights issue shares at a total value of SAR 120 mln |
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Key Figures of the Rights Issue |
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Number of rights issue shares |
12 mln shares |
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Issue price |
SAR 10 |
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Issue size |
SAR 120 mln |
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Record date |
Nov. 23 for the shareholders registered with Edaa by the close of trading on the second day following the EGM date |
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Use of proceeds |
Boosting solvency and cutting borrowing rates with the related costs |
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