Riyadh – Mubasher: The Saudi Arabian Amiantit Company on Wednesday said its accumulated losses have fallen to 27% of the capital.
The company’s accumulated losses now stand at SAR 86.39 million, Saudi Amiantit said in a bourse disclosure.
To reduce accumulated losses, the company cut its capital and used part of its statutory reserves.
Last December, the company’s extraordinary general meeting (EGM) approved reducing the capital from SAR 344.517 million to SAR 200 million and then raising it by 60% via a rights issue.
On 27 August, the firm’s board decided to cut the statutory reserves by 30.2% to amortise part of the accumulated losses that were totalling SAR 206.884 million.
Hence, a total of SAR 57.296 million was transferred from the reserves.
