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.
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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. |
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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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