Maadaniyah submits capital cut, rights issue requests to CMA

11/07/2021 Argaam

Logo of Maadaniyah

National Metal Manufacturing and Casting Co.’s (Maadaniyah) submitted on July 9, a request for capital reduction followed by an increase via rights issue to the Capital Market Authority (CMA).

 

Al Wasatah Al Maliah Co. (Wasatah Capital) was appointed as a financial advisor for the offering and any updates in the matter will be announced in due course, the company said in a bourse statement.

 

In May, the company’s board of directors amended its capital reduction recommendation to 16.76% to SAR 234 million from SAR 281.12 million to offset SAR 47.12 million accumulated losses, Argaam reported.

 

On the other hand, the board of directors recommended a capital hike through SAR 120 million rights issue to be implemented following the capital cut.

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