Saudi Arabian Amiantit Co.’s board of directors recommended a 44.53 percent capital reduction to SAR 640.63 million from SAR 1.155 billion to offset accumulated losses, the company said in a statement on Tadawul.

 

The capital cut is pending approval from the general assembly and regulator.

 

There is no significant impact of the capital reduction on the company's liabilities or operations, the statement added.

 

Earlier today, the company said that its accumulated losses as of Feb. 20, 2019 reached SAR 514.37 million representing 44.53 percent of capital, as reported by Argaam.

 

Key Figures of the Capital Reduction

Current Capital

SAR 1.115 bln

Number of shares

115.50 mln shares

Reduction (%)

44.53% (1 for every 2.76 shares)

New Capital

SAR 640.63 mln

New number of shares

46.06 mln shares

Driver

To restructure capital of some subsidiaries and offset accumulated losses of SAR 514.37 mln

 

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