Riyadh – Mubasher: The board of the National Metal Manufacturing and Casting Company (Maadaniyah) recommended reducing the company’s capital and then raising it through a rights issue.
Maadaniyah’s capital is planned to be cut by 7.4% to SAR 260.3 million from SAR 281.1 million. The capital reduction aims to offset accumulated losses, according to a bourse statement on Monday.
Meanwhile, the board proposed raising the company’s capital afterwards by way of a rights issue worth SAR 120 million in a bid to raise the company’s financial solvency and lower borrowing rates and related incurred costs.
Wasatah Capital was named as the financial advisor for capital reduction and increase
