Amiantit to use SAR 132.18 mln in statutory reserve to offset accumulated losses

Saudi Arabian Amiantit’s headquarters

Saudi Arabian Amiantit Co.’s board of directors approved, on March 27, 2021, utilizing the remaining portion of the statutory reserve, amounting to SAR 132.18 million, to partially offset the company’s accumulated losses of SAR 205.5 million, according to a bourse filing.

Accordingly, Amiantit’s accumulated losses would drop to SAR 73.32 million, accounting for 22.91% of capital.

Amiantit said it would announce the accumulated losses reduction after the auditor’s report.

Amiantit had earlier announced that accumulated losses reached 64.22% of capital, data compiled by Argaam showed.