Riyadh – Mubasher:  The Capital Market Authority has approved Saudi Arabian Amiantit Company’s request to reduce its capital.

Accordingly, the company’s capital will be SAR 344.51 million instead of SAR 1.155 billion, according to the company’s filing to the Saudi Stock Exchange (Tadawul) on Wednesday.

“This approval is conditional on the Company’s extraordinary general assembly approval and completion of the necessary procedures in relation to the applicable regulations,” the statement said.

Earlier in August, Amiantit’s board has issued a recommendation to cut the company's capital by 70.2%in order to offset accumulated losses.

In May, the company approved the appointment of Wasatah Capital to be the new financial advisor to manage its capital reduction.