Aslak says creditor objection period ended, capital cut comes into effect

ASLAK
1301 0.54% 34.81 0.18

Riyadh – Mubasher: United Wire Factories Company (Aslak) said that the creditor objection period to reduce the company’s capital by 20% has expired on 13 September 2020 and that no objection was received from the creditors during that period.

Accordingly, the firm’s decision to lower the capital through the cancellation of 8.775 million shares came into effect, according to a bourse filing on Monday.

Eligible shareholders will be compensated with SAR 10 (the share’s par value) for every cancelled share at the end of the Sunday, 13 September, as per the registered shareholders in the register of the Securities Depository Center Company (Edaa) at the end of the second trading day following the end of the creditor objection period.

In July, the extraordinary general meeting (EGM) of Aslak approved the board's proposal to decrease the capital to SAR 351 million from SAR 438.75 million.

Source: Mubasher Source: {{details.article.source}}