Aslak products
United Wire Factories Co.’s (Aslak) shareholders will discuss the board’s recommendation to cut capital by 20% from SAR 351 million to SAR 280.8 million, during the extraordinary general meeting (EGM), slated for Aug. 2, 2023, according to a statement to Tadawul.
|
Details of Capital Reduction |
|
|
Current Capital |
SAR 351 mln |
|
No. of Shares |
35.10 mln |
|
Percentage of Reduction |
20% |
|
New Capital |
SAR 280.8 mln |
|
No. of Shares |
28.08 mln |
|
Reason |
Cut the capital surplus |
|
Method |
Cancelling 7.02 million shares, while granting shareholders SAR 10 a share for every cancelled share. |
|
Date |
Shareholders of record registered with Edaa on the second day following the EGM. |
The capital reduction will not have a material impact over the company’s financial or operating performance as well as its obligations, said the company, adding that the capital cut will positively affect the key performance indicators as well as profitability.
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