Amiantit submits rights issue request to CMA

13/03/2022 Argaam

Logo of Saudi Arabian Amiantit Co.

Saudi Arabian Amiantit Co. submitted, on March 10, a request to the Capital Market Authority (CMA) to increase capital via a rights issue, it said in a bourse filing.

 

Amiantit will announce any relevant developments in due course.

 

Late last month, shareholders approved reducing the company’s capital by 69.06% to SAR 99 million from SAR 320 million, according to data available with Argaam.

 

In November 2021, the board of directors recommended capital increase through a SAR 221 million rights issue, following the completion of the capital cut process.

 

In January 2022, the board of directors raised its previous capital hike recommendation to SAR 346.5 million through a rights issue.

 

 

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