Aslak products
United Wire Factories Co. (Aslak) submitted, on April 5, the application file to reduce the company's capital to the Capital Market Authority (CMA) for approval on having a capital surplus.
The company will announce any future developments in this regard later, it said in a statement to Tadawul.
Aslak’s board of directors recommended, in November 2022, a capital cut of 20% from SAR 351 million to SAR 280.8 million on having a capital surplus, Argaam reported.
In 2020, the company cut its capital by 20% from SAR 438.75 million to SAR 351 million in a similar procedure due to having capital in excess of needs.
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