Aslak shareholders to discuss 20% capital cut on August 2

Aslak products​

United Wire Factories Co.’s (Aslak) shareholders will discuss the board’s recommendation to cut capital by 20% from SAR 351 million to SAR 280.8 million, during the extraordinary general meeting (EGM), slated for Aug. 2, 2023, according to a statement to Tadawul.

 

Details of Capital Reduction

Current Capital

SAR 351 mln

No. of Shares

35.10 mln

Percentage of Reduction

20%

New Capital

SAR 280.8 mln

No. of Shares

28.08 mln

Reason

Cut the capital surplus

Method

Cancelling 7.02 million shares, while granting shareholders SAR 10 a share for every cancelled share. 

Date

Shareholders of record registered with Edaa on the second day following the EGM.
 

The capital reduction will not have a material impact over the company’s financial or operating performance as well as its obligations, said the company, adding that the capital cut will positively affect the key performance indicators as well as profitability.

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