Riyadh – Mubasher: Saudi Arabian Amiantit Company approved the appointment of Wasatah Capital as the company’s new financial advisor to manage its capital reduction.

Amiantit noted that it will announce any further updates regarding the capital cut, according to the company’s statement to the Saudi Stock Exchange (Tadawul) on Sunday.

In February, Amiantit’s board recommended reducing the company’s capital by 44.53% to SAR 640.63 million in a bid to restructure and offset accumulated losses.

During the first quarter of 2019, Amiantit posted a total loss worth SAR 554.73 million, making up 48% of the capital.