Logo of Saudi Arabian Amiantit Co.

Saudi Arabian Amiantit Co.’s shareholders will vote on reducing the company’s capital by 69.06%, from SAR 320 million to SAR 99 million, during the extraordinary general assembly meeting (EGM) to be held on Feb. 27, the company said in a statement to Tadawul.

 

Accordingly, the number of shares will be reduced from 32 million to 9.9 million.

 

Key Figures of the Capital Reduction

Current Capital

SAR 320 mln

Number of Shares

32 mln

Reduction (%)

69.06%

New Capital

SAR 99 mln

New Number of Shares

9.9 mln

Reason

To offset 99.93% in accumulated losses

Date of Reduction

By the close of the second trading day after the EGM date

Method of Reduction

Writing off 22.1 million shares (one share for every 1.447 shares)

 

If the item is approved, the reduction decision will be effective on the shareholders of the company who own shares on the day of the EGM, who are registered in the shareholders’ register with the Securities Depository Center (Edaa) at the end of the second trading day following the EGM date.

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