Riyadh – Mubasher: The Capital Market Authority (CMA) has approved Saudi Arabian Amiantit Company’s request to increase its capital through a rights issue worth SAR 346.50 million.

Subject to the shareholders’ approval and other regulatory procedures, the firm will increase the number of shares by 34.65 million at an average of 3.5 shares per one share, according to a bourse disclosure.

After completing the raise process, the new capital will stand at SAR 445.50 million distributed over 44.55 million shares, compared to SAR 99 million and 9.90 million shares.

It is worth noting that the CMA granted its approval on 1 December 2022, after Amiantit had submitted the capital hike file on 10 March this year.

In the first nine months (9M) of 2022, the company suffered net losses after Zakat and tax worth SAR 18.10 million, lower by 87.75% year-on-year (YoY) than SAR 147.79 million.

Revenues jumped by 13.32% to SAR 364.62 million in 9M-22 from SAR 321.76 million in 9M-21, whereas the loss per share plummeted to SAR 1.84 from SAR 15.

Meanwhile, the accumulated losses reached SAR 41.70 million as of 30 September 2022, accounting for 42.12% of the SAR 99 million capital.

Last February, Amiantit’s shareholders greenlighted a 69.06% capital reduction to SAR 99 million from SAR 320 million.