Riyadh - Mubasher: Saudi Arabian Amiantit Company has submitted two requests to the Capital Market Authority (CMA) for a capital reduction and increase.

The company wants to cut the capital by SAR 144.51 million before increasing it via a rights issue of SAR 120 million, according to a statement to the Saudi Stock Exchange (Tadawul) on Tuesday.

Earlier this month, the company’s board lowered its previously planned capital hike from SAR 300 million and proposed a 41.95% capital cut to offset accumulated losses.