Riyadh - Saudi Arabia’s Capital Market Authority (CMA) has approved Saudi Arabian Amiantit Company’s request to reduce its capital from SAR 344.517 million to SAR 200 million, subject to the company's extraordinary general meeting (EGM) approval and completion of necessary procedures.

Therefore, the firm’s number of shares will be lowered from 34.451 million to 20 million, after the cancellation of 14.45 million shares, according to a statement on Thursday.

In addition, the CMA approved the company’s request to increase its capital through a rights issue valued at SAR 120 million, subject to the EGM approval on the capital reduction and completion of required measures.

In June, Saudi Amiantit said that the capital cut aims to amortise accumulated losses of SAR 144.5 million and that it will not affect its financial obligations.

Source: Mubasher

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