Amiantit’s accumulated losses decrease to 22.91% of capital

Saudi Arabian Amiantit headquarters

Saudi Arabian Amiantit Co.’s accumulated losses decreased to SAR 73.32 million, accounting for 22.91% of its capital, as of April 10, 2021, the firm said in a statement to Tadawul.

The decrease followed the board of directors’ decision to utilize the remaining portion of the statutory reserve, amounting to SAR 132.18 million.

The reduction of the statutory reserve will not have an impact on the cash accounts of the company, the statement said, adding that there will be no impact on the net shareholders' equity and liabilities of the company.

This decrease takes the company out of the implementation scope of Article 150, due to reducing its losses to less than 50% of the share capital.

In March, Amiantit’s board of directors approved utilizing the remaining portion of the statutory reserve, amounting to SAR 132.18 million, to partially offset the company’s accumulated losses of SAR 205.5 million, Argaam reported.

Amiantit had earlier announced that accumulated losses reached 64.22% of capital.