Logo of National Metal Manufacturing and Casting Co.

National Metal Manufacturing and Casting Co.’s (Maadaniyah) shareholders approved the board of directors’ recommendation on 16.76% capital cut from SAR 281.12 million to SAR 234 million, during the extraordinary general assembly meeting (EGM) 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 date of the EGM, which approved capital reduction

Reason

To Offset SAR 4.71 mln accumulated losses

 

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

 

The company’s shareholders also approved SAR 120 million capital increase, through a rights issue.

 

Key Figures of the Capital Hike

Current Capital

SAR 234 mln

Number of shares

23.40 mln

Hike (%)

51.28%

New capital

SAR 354 mln

Number of shares after increase

35.40 mln

Method

Offering 12 mln rights issue shares at a total value of SAR 120 mln

Key Figures of the Rights Issue

Number of rights issue shares

12 mln shares

Issue price

SAR 10

Issue size

SAR 120 mln

Record date

Nov. 23 for the shareholders registered with Edaa by the close of trading on the second day following the EGM date

Use of proceeds

Boosting solvency and cutting borrowing rates with the related costs

 

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