Saudi’s CMA approves Amiantit capital reduction

Saudi Capital Market Authority has approved Saudi Arabian Amiantit Company’s request of capital reduction from SR 320 million to SR 99 million hence, reducing share number from 32 million to 9.9 million.

The company still needs its shareholders approve through extraordinary general assembly meeting and completing the required related regulations and procedures.

Amiantit is going to issue an official report including a proposed means of how to reduce the capital and expected implications of this reduction before the extraordinary general assembly meeting, so that shareholders will have enough time to vote.