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United Wire Factories Co. (Aslak) appointed Yaqeen Capital as financial advisor to manage its capital reduction process and all related procedures.
In a statement to Tadawul, Aslak said it will announce when submitting the capital reduction request file to the Capital Market Authority (CMA) and any future developments regarding capital reduction.
In November, Aslak’s board of directors recommended a capital reduction by 20% from SAR 351 million to SAR 280.8 million, citing a capital surplus, Argaam reported.
In 2020, Aslak slashed capital by 20% from SAR 438.75 million to SAR 351 million, also due to excess capital.
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