Amiantit accumulated losses reach 174.63% of capital

Logo of Saudi Arabian Amiantit Co.

Saudi Arabian Amiantit Co.'s accumulated losses amounted to SAR 172.88 million, or 174.63% of capital, according to a statement to Tadawul.

The company said the main reason for these accumulated losses was the recording of SAR 115 million in additional provision for Zakat in Q3 2023.

It also stated that in response to such losses, it submitted to the Capital Market Authority an application for capital increase via rights issue worth SAR 346.5 million.

The board of directors has until Dec. 25, 2023, to publish its recommendation for accumulated losses and until April 23, 2024, to invite shareholders to an extraordinary general assembly meeting to consider the company's continuation.

Procedures related to Tadawul-listed companies whose accumulated losses reach 20% or more of their capital will apply.