Saudi Amiantit recorded a decrease in losses in 2020, reaching 27% of the capital.
According to Arabiya Net, the company said in a statement that the accumulated losses amounted to 86.385 million riyals, and that the reason behind the decline in losses is the reduction of the capital and the use of part of the statutory reserve.
and last month the company announced the repayment of all its loans with banks amounting to 107 million riyals (28.53 million dollars).
Regarding the source of the repayment, Amiantit said that it is part of the company's day-to-day operations and the proceeds of the capital increase through rights issue according to the prospectus.
The company reduced the capital by 24% to reach 200 million riyals by canceling 14 million and 450 thousand shares, with the aim of extinguishing 96.6% of the accumulated losses .
The company also increased its capital by 60% by offering rights issues of 120 million riyals to reach 320 million riyals.
