Maadaniyah shareholders to vote on 16.7% capital cut, SAR 120 mln rights issue on Nov. 23

Logo of National Metal Manufacturing and Casting Co.

National Metal Manufacturing and Casting Co.’s (Maadaniyah) shareholders are set to vote on a 16.76% capital cut recommendation, from SAR 281.12 million to SAR 234 million, during the extraordinary general assembly meeting (EGM) that will be held on Nov. 23.

The capital cut is aimed to offset accumulated losses of SAR 47.12 million.

Key Figures of the Capital Reduction
Current Capital	SAR 281.12 mln
Number of Shares	28.11 mln
Reduction (%)	16.76% (1 share for every 5.966 shares)
New Capital	SAR 234 mln
New Number of Shares	23.40 mln
Method	Writing off 4.71 mln shares
Date of reduction	End of second trading day after the EGM date, during which it was decided to reduce capital
Reason	Offset SAR 47.12 mln in accumulated losses

Maadaniyah emphasized that there will be no impact of the capital cut on its financial obligations.

Upon approval of the capital cut process, shareholders will vote on a capital hike of SAR 120 million through a rights issue.

Capital Hike Details
Capital Before Increase	SAR 234 mln
Number of Shares	23.40 mln
Capital After Increase	SAR 354 mln
Number of Shares After Increase	35.40 mln
Method	Offering 12 mln rights issue shares at a value of SAR 120 mln
Reason	Boosting solvency margin and cutting borrowing and its associated costs
Record date	Shareholders owning shares and registered with Edaa by the end of trading on the date of the EGM

For More IPOs

Comments {{getCommentCount()}}

Be the first to comment

رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}

Sorry: the validity period has ended to comment on this news

Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.

CMA approves Maadaniyah’s 16.7% capital cut, SAR 120 mln rights issue

Comments {{getCommentCount()}}

رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}

{{comment.DisplayName}}

Related News

Most Read

Market Indices

Quotes

Popular Links

Quick Links

About Us

Join Us

Follow Us