THE SAUDI ARABIAN AMIANTIT COMPANY 1443/04/03 Mon Nov 8, 2021 15:40:03
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| Element List | Explanation |
| Announcement Detail |
Saudi Arabian Amiantit Co announces the Board of Directors' Resolution taken on 03/04/1443H corresponding to 08/11/2021G to authorize the executive management to study ways to restructure the Company's capital, including capital reduction and subsequent capital increase in accordance with the Company's current financial position.
This authorization also includes the appointment of financial and legal consultants as well as presenting to the Board of Directors a future financial plan on how to increase the financial solvency of the company, improving operational and financial performance. The Board's decision aims to reduce the company's accumulated losses amounting to SAR 221.146 million as at the end of third quarter ending on 30/09/2021, which is equivalent to 69.11% of the company's capital, which amounted to SAR 320,000,000 at the end of the same period. The company will announce any material developments including but not limited to the percentage of capital reduction, date of reduction, and capital increase percentage, in due course as stipulated by the laws and regulations. |
The Capital Market Authority and the Saudi Stock Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.
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Saudi Arabian Amiantit Co. SJSC published this content on 08 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 08 November 2021 22:20:22 UTC.
