Amiantit cuts accumulated losses to 27% of capital

Saudi Arabian Amiantit logo

Saudi Arabian Amiantit Co. said accumulated losses dropped to SAR 86.39 million, or 27% of capital, as on Feb. 2, 2021, according to a bourse filing.

This came after Amiantit reduced capital to SAR 200 million and utilized a portion of the statutory reserve.

The rules regulating Saudi-listed companies with accumulated losses more than 20% of capital will be applied, the company said.

In December 2020, Amiantit shareholders approved a 41.95% capital cut to SAR 200 million from SAR 344.52 million through the cancellation of 14.45 million shares to offset 96.61% of accumulated losses, Argaam reported.

Shareholders later approved a capital increase to SAR 320 million from SAR 200 million, through a SAR 120 million rights issue.