Amiantit BOD recommends capital increase by offering rights issue

Saudi Arabian Amiantit Co. announced that the Board of Directors issued a decision on Wednesday corresponding to 13.09.2023 to recommend to the Extraordinary General Assembly to increase the Company’s capital by offering rights issue according to the following details:

The company declared that the target amount is SAR 346.5 million. The reasons for the increase are financing working capital and Settlement of some banking obligations. Provided that eligibility will be to shareholders holding shares on the date of the Extraordinary General Assembly meeting in which capital increase through the issuance of right issues was resolved whose names so appear in the register of the Issuer’s Shareholders at the Depository Centre at the end of the second trading day following the date of the General Assembly’s Meeting.

The company announced the appointment of Wasatah Capital Company (Wasatah Capital) as financial advisors for the offering to provide advice on the capital increase and its restructuring and to prepare the relevant documents based on the regulations. An announcement will be made when the capital increase application’s file is submitted to the Capital Market Authority for approval.