Amiantit faces closure if EGM not held before Sept. 14

Saudi Arabian Amiantit Co. could be shut down on Sept.14, under the Saudi Companies Law, if it fails to hold an extraordinary general assembly meeting within 45 days from the date its board of directors was informed of losses, the Saudi firm said in a bourse filing.

Amiantit’s shareholders are set to vote on a 70.2 percent capital cut to SAR 344.52 million from SAR 1.155 billion to offset accumulated losses during the extraordinary general assembly meeting that will be held on Sept. 8, 2019, as reported by Argaam.

Read: Amiantit recommends 70.2% capital cut to offset losses