Aslak gets CMA approval for 20% capital cut

10/05/2023 Argaam
United Wire Factories Co.

United Wire Factories Co.

United Wire Factories Co. (Aslak) obtained on May 9 the approval of the Capital Market Authority (CMA) on a 20% capital reduction from SAR 351 million to SAR 280.8 million, according to a statement to Tadawul.

 

This step is subject to the approvals of Aslak extraordinary general meeting (EGM) and other regulatory authorities.

 

According to data compiled by Argaam, Aslak’s board of directors recommended, in November 2022, a 20% capital cut from SAR 351 million to SAR 280.8 million on having a capital surplus.

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