Shareholders of United Wire Factories Co. (Aslak) will vote on a 20% capital cut to SAR 351 million from SAR 438.75 million on having a capital surplus, during the extraordinary general meeting (EGM) scheduled for July 15, the company said in a statement to Tadawul.

 

The capital reduction will be financed from the company’s cash balances.

 

The move will have no material impact on the company’s liabilities, operations, financial, or organizational performance, the statement added.

 

Key Figures of the Capital Reduction

Current Capital

SAR 438.75 mln

Number of shares

43.88 mln shares

Reduction (%)

20% (Cancellation of 1 for every 5 shares)

New Capital

SAR 351 mln

New number of shares

35.10 mln shares

Method

Canceling 8.78 mln shares and compensating eligible shareholders with SAR 10 per every canceled share.

Driver

The company has surplus capital

Record date

The close of trading on the second day following the end of creditors' objection period)

 

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