Saudi's CMA approves Maadaniyah’s capital cut, hike

Maadaniyah aims to decrease the capital to $62mln that is distributed over 23.4mln shares

  
Image used for illustrative purpose. Saudi traders monitor stocks at a Saudi Bank in Dammam.

Image used for illustrative purpose. Saudi traders monitor stocks at a Saudi Bank in Dammam.

REUTERS/Stringer
Riyadh – The Saudi Capital Market Authority (CMA) gave the green light for National Metal Manufacturing and Casting Company (Maadaniyah) to reduce then increase its capital, according to a bourse filing on Tuesday.

Maadaniyah aims to decrease the capital to SAR 234 million that is distributed over 23.4 million shares, compared to SAR 281.12 million and 28.11 million shares prior to the cut.

The company will later raise the capital value through a rights issue worth SAR 120 million.

Source: Mubasher

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