Amiantit board authorizes executive management to study capital restructure

Amiantit building

Saudi Arabian Amiantit Co.'s board of directors approved today, Nov. 8, to authorize the executive management to study ways to restructure capital, including reduction and subsequent increase in accordance with its current financial position.

This includes the appointment of financial and legal consultants as well as presenting to the board a future financial plan on how to increase the company's financial solvency, and improve the operational and financial performance, the company said in a bourse filing.

The board’s decision aims to reduce the company’s accumulated losses amounting to SAR 221.15 million as at the end of third quarter ending on Sept. 30, 2021, or 69.11% of the company’s capital that amounted to SAR 320 million, at the end of the same period.

The company will announce any material developments including the percentage of capital reduction, date of reduction, and capital increase percentage, in due course.