The extraordinary general assembly of the Saudi Arabian Amiantit Company, which was held on Tuesday, agreed to reduce and increase the company's capital by 42% by canceling shares and then increasing it by 60% through Put up rights priority.
The company added, in a statement to the Saudi market (Tadawul), today, Wednesday, that the capital has been reduced from 344.517 million riyals to 200 million riyals; To amortize 96.61% of the accumulated losses of the company by canceling 14.451 million shares.
where the quorum for the second meeting was completed at a rate of 35.25% of the shares represented from the capital of the company, according to Article (31) of the company's articles of association related to the quorum of the general assembly meeting Unusual.
The number of shares before the reduction was about 34.451 million shares, while the number of shares after the reduction reached about 20 million shares.
The company indicated that the reduction decision will be enforceable on all shareholders of the company registered in the company's records at the Securities Depository Center Company (Depository Center) at the end of the trading on the second day after the meeting The extraordinary public in which it was decided to reduce the capital.
and the company has indicated that there is no material impact from reducing the company's capital on its financial obligations.
The general assembly also approved the recommendation of the company's board of directors to increase the capital by offering priority rights and increase the capital from 200 million riyals to 320 million riyals, by 60% , An increase of about 120 million riyals, through the offering and listing of rights issue shares of 12 million ordinary shares.
The company asserted that the reason for financing working capital, loan repayment and payment to suppliers is as detailed in the prospectus.
and she clarified that the approval of this item is linked to the shareholders ’approval of the first item of the agenda of the extraordinary general meeting, which includes reducing the company's capital, and since the shareholders approved the first item, it is considered The shareholders ’decision to approve the increase in the capital as mentioned above is correct and enforceable.
and clarified that the shareholders who own shares will be eligible on the day of the extraordinary general assembly who are registered in the company's shareholders register with the Securities Depository Center Company (Depository Center) at the end of the second day Trading follows the date of the extraordinary general assembly.
and the company announced in a separate statement on Tadawul that trading of the company's shares will be suspended; This is based on the listing rules for a period of two working days, starting from the fourth day ...
