Saudi Arabia’s Capital Market Authority (CMA) approved United Wire Factories Co.'s (Aslak) request to reduce its capital by 20% to SAR 351 million from SAR 438.75 million, the market regulator said in a statement.

 

Accordingly, the company’s number of shares will be reduced from 43.87 million to 35.1 million.

 

The approval is conditional on the company’s extraordinary general assembly approval and completion of the necessary procedures in relation to the applicable regulations.

 

In January, Aslak’s board of directors recommended a 20% capital cut due to a capital surplus by cancelling 20% of shares.

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