The creditors' objection period on United Wires Factories Co.’s (Aslak) capital cut will expire today, Sept. 13, 2020.

 

Under the Companies Law, the decision to reduce the capital will be effective immediately after the creditors' objection period has expired, in the absence of any outstanding objection from creditors.

 

Any creditor of the company has the right to object to the process of reducing the capital during the creditors' objection period, which began on Thursday, July 16, 2020, and ends on Sunday, Sept. 13, 2020.

 

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 to 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

 

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