Saudi Arabian Amiantit Co.’s board of directors has recommended a capital hike through a SAR 300 million rights issue, the company said in a bourse statement.

 

The capital hike aims to cope with the strategic direction and boost solvency margin through restructuring capital and implementing a work plan that focuses on main activities.

 

The process is pending approvals from the general assembly and regulator.

Shareholders of record on the second day after the extraordinary general meeting will be entitled to subscribe to the offering.

 

Last month, the company’s shareholders approved a 70.2 percent capital cut to SAR 344.52 million from SAR 1.155 billion to offset accumulated losses, Argaam reported.

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