Saudi Arabian Amiantit Co. headquarters
Saudi Arabian Amiantit Co.’s (Amiantit) shareholders approved reducing the company’s capital by 69.06% to SAR 99 million from SAR 320 million, during the extraordinary general assembly meeting (EGM) held on Feb. 27, according to a bourse filing.
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Key Figures of the Capital Reduction |
|
|
Current Capital |
SAR 320 mln |
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Number of Shares |
32 mln |
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Reduction (%) |
69.06% |
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New Capital |
SAR 99 mln |
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New Number of Shares |
9.9 mln |
|
Reason |
To offset 99.93% in accumulated losses |
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Date of Reduction |
By the end of the second trading day after the EGM |
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Method of Reduction |
Writing off 22.1 million shares (one share for every 1.447 shares) |
The capital reduction will have no significant impact on the company's financial obligations, the statement noted.
In a separate statement, the Saudi Exchange (Tadawul) announced that the trading fluctuation limit will be based on a share price of SAR 56.80, with the existing orders canceled.
The Securities Depository Center Co. (Edaa) will implement the reduction of shares on investors’ portfolios, as the trading suspension will be lifted at the end of trading on March 1.
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