Saudi Arabian Amiantit Co. has appointed Wasatah Capital as financial advisor for its prospective capital hike through a rights issue, the company said in a bourse statement.

 

The company will disclose later on the date of submitting the file of capital hike through rights issue to the Capital Market Authority (CMA).

 

Amiantit’s board of directors has recommended on Sunday a capital hike through a SAR 300 million rights issue.

 

Read: Amiantit recommends capital hike via SAR 300 mln rights issue

 

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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