Amiantit receives CMA nod on 70% capital cut

The Capital Market Authority (CMA) has approved the request of Saudi Arabian Amiantit Co. to reduce capital from SAR 1.155 billion to SAR 344.5 million, the market regulator said in a bourse filing.

Accordingly, total shares will be reduced to 34.45 million from 115.5 million shares.

The approval is subject to the company’s extraordinary general assembly, in addition to finalizing the necessary relevant procedures.

In April, Amiantit board of directors recommended 70.2 percent capital reduction to SAR 344 million from SAR 1.1 billion to offset accumulated losses, Argaam reported.