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Riyadh – Mubasher: The board of Saudi Arabian Amiantit Company has recommended a capital decrease of 69.06 % and a subsequent capital increase through the rights issue.
The capital would decline to SAR 99 million from SAR 320 million by cancelling 22.1 million of the company’s shares, according to a bourse filing on Tuesday.
Subject to the approval of the related official authorities and the extraordinary general meeting (EGM), this proposal aims to restructure the company's capital to write off the accumulated losses.
Meanwhile, the company's board recommended increasing the capital by offering the rights issue with a value of SAR 221 million after finalising the process of capital reduction.
Source: Mubasher
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