Shareholders of United Wire Factories Co. (Aslak) will vote on a 20% capital cut to SAR 351 million from SAR 438.75 million on having a capital surplus, during the extraordinary general meeting (EGM) scheduled for July 15, the company said in a statement to Tadawul.
The capital reduction will be financed from the company’s cash balances.
The move will have no material impact on the company’s liabilities, operations, financial, or organizational performance, the statement added.
|
Key Figures of the Capital Reduction |
|
|
Current Capital |
SAR 438.75 mln |
|
Number of shares |
43.88 mln shares |
|
Reduction (%) |
20% (Cancellation of 1 for every 5 shares) |
|
New Capital |
SAR 351 mln |
|
New number of shares |
35.10 mln shares |
|
Method |
Canceling 8.78 mln shares and compensating eligible shareholders with SAR 10 per every canceled share. |
|
Driver |
The company has surplus capital |
|
Record date |
The close of trading on the second day following the end of creditors' objection period) |
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