Maadaniyah says accumulated losses down to 8.3% of capital

31/01/2022 Argaam
Logo of National Metal Manufacturing and Casting Co. (Maadaniyah)

Logo of National Metal Manufacturing and Casting Co. (Maadaniyah)


National Metal Manufacturing and Casting Co. (Maadaniyah) said that its accumulated losses fell to 8.298% of capital to reach SAR 29.38 million.

 

This came after a capital reduction by SAR 47.12 million, followed by a capital hike of SAR 120 million through rights issue.

 

In November 2021, Maadaniyah’s shareholders approved the board of directors’ recommendation on 16.76% capital cut from SAR 281.12 million to SAR 234 million, to offset SAR 47.12 million in accumulated losses. They also approved SAR 120 million capital increase, through a rights issue, according to data compiled by Argaam.

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