Amiantit submits capital cut, hike requests to CMA

30/06/2020 Argaam

 

Saudi Arabian Amiantit Co. submitted, on June 29, a request to reduce capital by SAR 144.52 million, in addition to a request to increase it through a SAR 120 million rights issue, to the Capital Market Authority (CMA).

 

The company said in a statement to Tadawul that the capital cut and hike process are subject to approval of the extraordinary general assembly meeting (EGM) and the regulatory authorities.

 

Any related developments will be announced in due course, the statement added.

 

Earlier in June, Amiantit’s board of directors amended its capital hike recommendation to SAR 120 million from SAR 300 million through a rights issue, Argaam reported.

 

The board also recommended a 41.95% capital reduction to offset accumulated losses ahead of the planned rights issue.

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