Amiantit trims accumulated losses to 1.4% of capital

Saudi Arabian Amiantit Co. said its accumulated losses as of Sept. 30, 2019 reached SAR 5 million, representing 1.4% of capital, the company said in a bourse statement.

This came after the company’s capital reduction, the statement added.

In September, the company’s extraordinary general meeting approved the board’s recommendation to cut capital from SAR 1.155 billion to SAR 344.52 million by 70.2% to offset SAR 810.5 million of accumulated losses.