Amiantit says capital hike to cut accumulated losses to 38.8%

Logo of Saudi Arabian Amiantit Co.

Saudi Arabian Amiantit Co. said that, upon the approval of the Capital Market Authority and the company's extraordinary general assembly meeting on the capital increase, its capital will reach SAR 445.5 million.

It added that, following the capital increase, its accumulated losses will be reduced as on Sept. 30, 2023 to 38.8% of capital.

Amiantit announced earlier its accumulated losses amounted to SAR 172.88 million, or 174.63% of capital, according to Argaam's data.

It also stated that in response to such losses, it submitted to the Capital Market Authority an application for capital increase via rights issue worth SAR 346.5 million.