Riyadh – United Wire Factories Company (Aslak) announced the appointment of Wasatah Capital as the financial advisor for its planned capital decrease.

Wasatah Capital will carry out all the necessary related procedures, according to a statement to the Saudi Stock Exchange (Tadawul) on Thursday.

The company’s board of directors recently recommended reducing the company’s capital by 20% from SAR 438.75 million to SAR 351 million, viewing the current capital volume as surplus to company needs, and expecting a positive financial impact from the decision.

Aslak’s profits more than tripled last year, rising by around 211% to SAR 22.1 million, as shown by the company’s annual estimated financial results for 2019.


Source: Mubasher

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