Riyadh – Mubasher: Saudi Amiantit Group has announced closing the plant of Ameron Saudi Arabia Ltd in Dammam and the factory of Saudi Arabia Concrete Products Co Ltd in Jeddah that will lead to incurring losses of SAR 8.6 million, and SAR 5.4 million, respectively.

These losses are included in Saudi Amiantit’s accumulated losses amounted to SAR 514.37 million, according to a statement to the Saudi Stock Exchange (Tadawul).

On Wednesday, the firm’s board of directors recommended a 44.53% capital reduction to restructure some units and amortise accumulated losses.

Ameron Saudi Arabia Ltd and Saudi Arabia Concrete Products Co Ltd are wholly owned subsidiaries of Amiantit.

By 11:22 am Saudi time, Saudi Amiantit Group's stock fell 5.17% to SAR 6.42.