Saudi Arabian Amiantit Co.’s shareholders have approved a 70.2 percent capital cut to SAR 344.52 million from SAR 1.155 billion during the extraordinary general assembly meeting held on Sept. 8, 2019, the company said in a statement on Tadawul.

 

The capital cut is intended to offset accumulated losses.

 

There is no significant impact of the capital reduction on the company's liabilities or operations, the statement added.

 

Last month, the company’s board of directors recommended 70.2 percent capital reduction to SAR 344 million from SAR 1.1 billion to offset accumulated losses, as reported by Argaam.

 

The Capital Market Authority (CMA) then approved the request of Saudi Arabian Amiantit Co. to reduce capital.

 

Key Figures of the Capital Reduction

Current Capital

SAR 1.115 bln

Number of shares

115.50 mln shares

Reduction (%)

70.2% (1 for every 1.425 shares)

New Capital

SAR 344.52 mln

New number of shares

34.45 mln shares

Method

Cancelling 81.05 mln shares

Driver

To offset accumulated losses of SAR 810.48 mln as of June 30, 2019

Record date

Sept. 8, 2019

 

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