The capital increase will be enough to restructure the company and will provide liquidity to help meet customer demands, according to The Saudi Arabian Amiantit Company (Amiantit) CEO Solaiman Al-Twaijri.

 

“The firm needs funds to increase its operations, and the key reason that affected our operations recently was the lack of enough liquidity to manage operations,” Al-Twaijri told CNBC Arabia.

 

He also mentioned the firm will focus on regional markets in addition to a local one.

 

“We have appointed a strategic consultant to draft a three to five-year plan to be presented to the board of directors for approval,” Al-Twaijri said.

 

The company’s board has recently recommended the capital increase through the issuance of SAR 300 million rights issue.

 

Below is a table that highlight key development of the firm’s capital increase:

 

Amiantit’s Major Capital Changes

Date

Event

2000

A 14% capital hike from SAR 350 mln to SAR 400 mln through bonus shares

2001

A 37.5% capital hike from SAR 400 mln to SAR 550 mln through bonus shares

2002

An 18% capital hike from SAR 550 mln to SAR 650 mln through bonus shares

2003

A 7.6% capital hike from SAR 650 mln to SAR 700 mln through bonus shares

2004

A 10% capital hike from SAR 700 mln to SAR 770 mln through bonus shares

2005

A capital hike from SAR 770 mln to SAR 1.155 bln through a rights issue

2019

A 70.2% capital cut from SAR 1.155 bln to SAR 344.52 mln through writing off 81.05 mln shares

 

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