Saudi Arabian Amiantit Co.’s board of directors recommended a 44.53 percent capital reduction to SAR 640.63 million from SAR 1.155 billion to offset accumulated losses, the company said in a statement on Tadawul.
The capital cut is pending approval from the general assembly and regulator.
There is no significant impact of the capital reduction on the company's liabilities or operations, the statement added.
Earlier today, the company said that its accumulated losses as of Feb. 20, 2019 reached SAR 514.37 million representing 44.53 percent of capital, as reported by Argaam.
Key Figures of the Capital Reduction
SAR 1.115 bln
Number of shares
115.50 mln shares
44.53% (1 for every 2.76 shares)
SAR 640.63 mln
New number of shares
46.06 mln shares
To restructure capital of some subsidiaries and offset accumulated losses of SAR 514.37 mln