Riyadh – Mubasher: The board of Saudi Arabian Amiantit Company recommended increasing the firm’s capital by issuing pre-emptive rights shares, during its meeting on 4 October 2019 corresponding to 5/2/1441 H.

The offering is valued at SAR 300 million, Saudi Amiantit said in a filing to the Saudi Stock Exchange (Tadawul) on Sunday.

Additionally, the preemptive shares will be matured to the equityholders registered on the day of the extraordinary general meeting’s (EGM) assembly, which approved the mentioned capital raise.

The company ascribed the capital hike to its strategic plan of increasing the firm’s financial solvency through the restructuring of the group and the development of an effective action plan.

The issue shall be subject to the approval of all competent authorities as well as the EGM.

The company will announce any further developments regarding the appointment of a financial advisor in due course.