Riyadh –  The extraordinary general meeting (EGM) of United Wire Factories Company (Aslak) approved the board's proposal to decrease the capital by 20% to SAR 351 million from SAR 438.75 million.

The number of the company's issued shares will be cut to 35.1 million from 43.875 million shares by one share for every five shares, according to the company's disclosure to the Saudi Stock Exchange (Tadawul) on Thursday.

Reducing the capital will not have an impact on the company's obligations, operations, or financial performance.

The capital cut will be funded through the company's cash balance.

Source: Mubasher

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