Saudi Arabian Amiantit Co. (Amiantit) shareholders set to vote on a 41.95% capital cut to SAR 200 million from SAR 344.52 million through the cancellation of 14.45 million shares, during the extraordinary general meeting (EGM) to be held on Dec. 1, 2020.

 

Key Figures of the Capital Reduction

Current Capital

SAR 344.52 mln

Number of shares

34.45 mln shares

Reduction (%)

41.95%

New Capital

SAR 200 mln

New number of shares

20 mln shares

Method

Cancellation of 14.45 mln shares (face value of SAR 10 per share)

Record date

End of second trading day after the extraordinary general meeting date

Driver

To offset 96.61% of accumulated losses

 

The capital cut will have no significant impact on the company’s financial liabilities.

 

Shareholders will also discuss on increasing the capital to SAR 320 million from SAR 200 million, through a SAR 120 million rights issue. 

 

Key Figures of the Capital Hike

Current Capital

SAR 200 mln

Number of shares

20 mln shares

Hike (%)

60%

New capital

SAR 320 mln

Number of shares after increase

32 mln shares

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

End of second trading day after the extraordinary general meeting date

Use of proceeds

Net proceeds will go for financing the working capital as well as repaying the dues of suppliers and banks.

Additional Information

Financial advisor 

Wasatah Capital

Lead manager

Aljazira Capital

 

The general assembly will also vote on the amendment of Article 7 and 8 of the articles of association related to the capital and subscription to shares.

 

Earlier this month, the Capital Market Authority (CMA) approved a request by Amiantit to reduce its capital to SAR 200 million from SAR 344.52 million, as well as a request to increase capital through a SAR 120 million rights issue.

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