Amiantit to deposit proceeds from fractional shares sale tomorrow

Logo of Saudi Arabian Amiantit Co.

Saudi Arabian Amiantit Co. will conclude tomorrow, April 12, depositing around SAR 298,641 in proceeds from the sale of fractional shares in the accounts of eligible shareholders, according to a bourse statement.

Amiantit sold 5,995 fractional shares, at an average price of SAR 49.95 each.

In March, the company submitted a request to the Capital Market Authority (CMA) to increase capital via a rights issue, almost a month after shareholders approved reducing Amiantit’s capital by 69.06% to SAR 99 million from SAR 320 million, Argaam earlier reported.