Riyadh – Mubasher: The shareholders of Saudi Arabian Amiantit Company have agreed to reduce the capital by 69.06% to SAR 99 million from SAR 320 million.
During their extraordinary general meeting (EGM) on 27 February, the shareholders approved cancelling 22.10 million shares as one share for every 1.447 shares, according to a bourse filing on Monday.
The new capital will be distributed over 9.90 million shares instead of 32 million shares prior to the reduction, which aims to offset nearly 99.93% of Amiantit’s accumulated losses.
In a separate statement, the Saudi Exchange (Tadawul) noted that trading on the company’s stock will be suspended for two days following the shareholders’ approval to cut the capital.
Trading on Amiantit will resume on Wednesday, 2 March.
Tadawul added that fluctuation limits for Amiantit will be based on a share price of SAR 56.80 and the outstanding orders will be cancelled.
In November 2021, the company’s board had recommended a capital decrease of 69.06 %.
