Logo of National Metal Manufacturing and Casting Co.
National Metal Manufacturing and Casting Co.’s (Maadaniyah) shareholders are set to vote on a 16.76% capital cut recommendation, from SAR 281.12 million to SAR 234 million, during the extraordinary general assembly meeting (EGM) that will be held on Nov. 23.
The capital cut is aimed to offset accumulated losses of SAR 47.12 million.
|
Key Figures of the Capital Reduction |
|
|
Current Capital |
SAR 281.12 mln |
|
Number of Shares |
28.11 mln |
|
Reduction (%) |
16.76% (1 share for every 5.966 shares) |
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New Capital |
SAR 234 mln |
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New Number of Shares |
23.40 mln |
|
Method |
Writing off 4.71 mln shares |
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Date of reduction |
End of second trading day after the EGM date, during which it was decided to reduce capital |
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Reason |
Offset SAR 47.12 mln in accumulated losses |
Maadaniyah emphasized that there will be no impact of the capital cut on its financial obligations.
Upon approval of the capital cut process, shareholders will vote on a capital hike of SAR 120 million through a rights issue.
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Capital Hike Details |
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Capital Before Increase |
SAR 234 mln |
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Number of Shares |
23.40 mln |
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Capital After Increase |
SAR 354 mln |
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Number of Shares After Increase |
35.40 mln |
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Method |
Offering 12 mln rights issue shares at a value of SAR 120 mln |
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Reason |
Boosting solvency margin and cutting borrowing and its associated costs |
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Record date |
Shareholders owning shares and registered with Edaa by the end of trading on the date of the EGM |
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