Amiantit gets CMA approval on capital increase via SAR 346.5 mln rights issue

Saudi Arabian Amiantit Co. announced obtaining the approval of the Capital Market Authority (CMA), on Dec. 1, to increase its capital from SAR 99 million to SAR 445 million through a SAR 346.5 million rights issue.

In a statement to Tadawul, the company added that the capital increase is subject to the extraordinary general meeting's (EGM) approval and completion of all relevant regulatory requirements and procedures.

The capital increase will be limited to shareholders registered with the Security Depository Center (Edaa) on the second trading day after the EGM date, which will be determined later.

The CMA's approval came after the company fulfilled all requirements and comments related to the capital increase. The firm will complete all other related regulatory procedures, including publishing the rights issue prospectus and inviting shareholders for the EGM.

On Dec. 13, Amiantit submitted a request to the CMA to increase capital via a rights issue, according to data available with Argaam.