Riyadh – Mubasher: Saudi Arabian Amiantit Company announced on Monday that its accumulated losses to capital ratio dropped to 1.4% by the end of the third quarter (Q3) of 2019 to reach SAR 5 million, according to a statement to the Saudi Stock Exchange (Tadawul).

Accumulated losses reached SAR 810.48 million or 70.2% of the company's capital by the end of June 2019.

In September 2019, the company's extraordinary general meeting (EGM) approved reducing capital by 70.2% to SAR 344.517 million from SAR 1.155 billion to offset losses.

Last month, the board recommended increasing the capital through a SAR 300 million rights issue.

During Q3-19, Amiantit reported SAR 4.97 million in losses, against profits of SAR 1.42 million in 2018’s quarter.