-
Bank Ranking
Banks Ratios
Cement Statistics
Cement Ranking
Cement Ratios
Monetary and Economic Statistics
Oil, Gas and Fuel
Macro Economy
Consumer Spending
Inflation
Exports & Imports
Food Prices
Non Food Prices
Construction Materials
Petrochem. Ranking
Petrochem. Ratios
Retail Rankings
Retail Ratios
Grocery Ranking
Grocery Ratios
Top Growth
Dividend History
Aslak approves 20% capital cut on capital surplus, creditors’ objection period starts today
AI Summary
United Wire Factories (Aslak) shareholders approved a 20% capital cut to SAR 351 million from SAR 438.75 million on having a capital surplus during the extraordinary general assembly meeting that was held on July 15, 2020, the company said in a statement on Tadawul.
|
Key Figures of the Capital Reduction |
|
|
Current Capital |
SAR 438.75 mln |
|
Number of shares |
43.88 mln shares |
|
Reduction (%) |
20% (canceling 1 for every 5 shares) |
|
New Capital |
SAR 351 mln |
|
New number of shares |
35.10 mln shares |
|
Method |
Writing off 8.78 mln shares and paying SAR 10 per share for shareholders as a compensation for the canceled shares. The capital cut process will be financed from the company’s cash balances. |
|
Reason |
Excess of capital above needs |
|
Capital cut date |
The second trading day following the end of creditors objection period |
The EGM also approved amending articles 7 and 8 of the company’s bylaws related to capital to match the capital cut in addition to amending article 47 related to dividend distributions.
In a separate statement, the company said that creditors’ objection period will begin today, Thursday, July 16, 2020 and will continue until September 13, 2020.
Creditors are allowed to object to the process trough sending registered mail to the company’s head office.
Comments 0
Be the first to comment
Market Indices
Quotes
Argaam Investment Company has updated the Privacy Policy of its services and digital platforms. Know more about our Privacy Policy here.
Argaam uses cookies to personalize content, to provide social media features and analyze traffic, that we might also share with third parties. You consent to our cookies if you use this website
Comments Analysis: