Riyadh – Mubasher: The National Metal Manufacturing and Casting Company (Maadaniyah) decided to reduce the capital to SAR 240.96 million from SAR 281.12 million, due to the losses incurred during the fourth quarter of 2020.

The reduction value, which represents 14.8%, was amended after the board members recommended a month ago to shrink the capital to SAR 260.3 million, according to a disclosure to the Saudi Stock Exchange (Tadawul).

Following Maadaniyah’s capital cut, the number of shares will stand at 24.09 million, from 28.11 million stocks prior to the reduction. The transaction will be carried out by decreasing one share per each 7.001.

The company has registered accumulated losses of SAR 40.15 million.

The reduction date will be the end of the following trading day of the extraordinary general meeting during which the capital cut was resolved.