Amiantit’s board plans an EGM to offset losses

Saudi Arabian Amiantit Co.’s board of directors has recommended holding an extraordinary general assembly meeting to offset accumulated losses through a 70.2 percent capital cut, the company said in a bourses statement.

The step is required by the corporate law as the EGM should be held within 15 days from disclosing the financial results.

Amiantit would be terminated by force of law, if the EGM failed to issue a decision to address the issue within 45 days from the results announcement which ends on Sept. 14, 2019.

The company’s board and board chairman have been informed on Thursday that accumulated losses have reached SAR 810.5 million or 70.2 percent of capital.