Aslak starts creditors' objection period for capital reduction

Aslak products​

United Wire Factories Co. (Aslak) announced the start of the creditors' objection period with regard to its capital reduction, in accordance with the provisions of Article (135) of the Companies Law, , according to a statement to Tadawul.
 

The capital reduction is subject to the approval of the company's extraordinary general assembly meeting (EGM), which is scheduled to be held after the end of the creditors' objection period referred to above.
 

The period will start from Thursday, May 18 for 45 days ending on Saturday, July 1, 2023.
 

The company obtained on May 9 the approval of the Capital Market Authority (CMA) on a 20% capital reduction from SAR 351 million to SAR 280.8 million.
 

According to data compiled by Argaam, Aslak’s board of directors recommended, in November 2022, a 20% capital cut from SAR 351 million to SAR 280.8 million on having a capital surplus.