Riyadh – Mubasher: The extraordinary general meeting (EGM) of Saudi Arabian Amiantit Company’s (Amiantit) has approved to cut the company's capital by 70.2%.

The capital will be reduced to SAR 344.517 million from SAR 1.155 billion, according to a filing to the Saudi Stock Exchange (Tadawul) on Monday.

The company aims to cut its capital to offset accumulated losses of SAR 810.48 million as at 30 June 2019.

Furthermore, shareholders will vote on writing off 81.05 million shares, Amiantit indicated.

The capital decrease will not impact the company’s financial liabilities, the company stressed.

Moreover, it has been voted to amend the articles of association related to the company’s capital during the general assembly.

In August, the Capital Market Authority (CMA) had approved Saudi Arabian Amiantit’s proposal to reduce its capital to SAR 344.517 million.