Aslak submits capital cut file to CMA on capital surplus

Aslak products

United Wire Factories Co. (Aslak) submitted, on April 5, the application file to reduce the company's capital to the Capital Market Authority (CMA) for approval on having a capital surplus.

The company will announce any future developments in this regard later, it said in a statement to Tadawul.

Aslak’s board of directors recommended, in November 2022, a capital cut of 20% from SAR 351 million to SAR 280.8 million on having a capital surplus, Argaam reported.

In 2020, the company cut its capital by 20% from SAR 438.75 million to SAR 351 million in a similar procedure due to having capital in excess of needs.