Amiantit CEO says capital increase will be “enough” for restructuring
The capital increase will be enough to restructure the company and will provide liquidity to help meet customer demands, according to The Saudi Arabian Amiantit Company (Amiantit) CEO Solaiman Al-Twaijri.
“The firm needs funds to increase its operations, and the key reason that affected our operations recently was the lack of enough liquidity to manage operations,” Al-Twaijri told CNBC Arabia.
He also mentioned the firm will focus on regional markets in addition to a local one.
“We have appointed a strategic consultant to draft a three to five-year plan to be presented to the board of directors for approval,” Al-Twaijri said.
The company’s board has recently recommended the capital increase through the issuance of SAR 300 million rights issue.
Below is a table that highlight key development of the firm’s capital increase:
|
Amiantit’s Major Capital Changes |
|
|
Date |
Event |
|
2000 |
A 14% capital hike from SAR 350 mln to SAR 400 mln through bonus shares |
|
2001 |
A 37.5% capital hike from SAR 400 mln to SAR 550 mln through bonus shares |
|
2002 |
An 18% capital hike from SAR 550 mln to SAR 650 mln through bonus shares |
|
2003 |
A 7.6% capital hike from SAR 650 mln to SAR 700 mln through bonus shares |
|
2004 |
A 10% capital hike from SAR 700 mln to SAR 770 mln through bonus shares |
|
2005 |
A capital hike from SAR 770 mln to SAR 1.155 bln through a rights issue |
|
2019 |
A 70.2% capital cut from SAR 1.155 bln to SAR 344.52 mln through writing off 81.05 mln shares |
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