| Element List | Explanation |
|---|---|
| Introduction | United Wire Factories Co. Announces Board’s Recommendation to Decrease the Company’s Capital |
| Date of Board Meeting | 2022-11-02 Corresponding to 1444-04-08 |
| Capital before decrease | 351,000,000 |
| Capital after decrease | 280,800,000 |
| Percentage of Capital decrease | 20 % |
| Number of Shares before Decrease | 35100000 |
| Number of Shares after Decrease | 28080000 |
| Reasons for the Capital Decrease | More capital than needed |
| Method of Capital Decrease | Write off 20% of the number of shares and compensate shareholders accordingly |
| Impact of the Capital Decrease on the Company’s Obligations, Operations or Operational, Financial or Organizational Performance of the Company | The reduction process will be financed by using the company’s surplus cash balances, with all details announced through circulating shareholders in accordance with the procedures, and the Board of Directors believes that the reduction will have a positive impact through improving performance indicators. |
| Date of reduction | The end of the second trading day following the end of the creditors’ objection period. |
| Approvals | The process of capital reducing and the number of shares is conditional on the approval of the official authorities and the extraordinary general assembly |
| Appointment of a Financial Advisor and the Submission of the Application for Capital Decrease to CMA | The appointment of the financial advisor for the capital reduction process will be announced later, as well as the announcement of submitting the capital reduction request file to the Capital Market Authority for approval, in addition to any other material developments. |
Related Posts
United Wire Factories Co. announces its Annual Financial Results for the Period Ending on 2019-12-31
ELEMENT LIST
CURRENT YEAR
PREVIOUS YEAR
%CHANGE
Sales/Revenue
724.4
535
35.401
Gross Profit (Loss)
61.6
46.1
33.622
Operational Profit (Loss)
32.9
17
93.529
Net Profit (Loss) after Zakat and Tax
22.1
7.1
211.267
Total Comprehensive Income
23.2
7.6
205.263
Total Share Holders Equity (after... read more
United Wire Factories Co. announces its Interim Financial results for the Period Ending on 2024-03-31 (Three Months)
Element ListCurrent QuarterSimilar quarter for previous year%ChangePrevious Quarter% ChangeSales/Revenue 187.2227.2-17.605182.52.575 Gross Profit (Loss) 15.916.4-3.04816-0.624 Operational Profit (Loss)... read more
Taking a business global is as much about embracing uncomfortable paradigms as it is about competing with global giants
NABIL H. AL-AMIR
CEO Of United Wire Factories Company
MOHAMMED RAFEA
CEO of Riyadh Cables Group Company
What is your company's strategy going forward... read more
United Wire Factories Co. announces its Interim Financial Results for the Period Ending on 2022-03-31 ( Three Months )
Element ListCurrent QuarterSimilar quarter for previous year%ChangePrevious Quarter% ChangeSales/Revenue 298.8226.631.862291.32.574 Gross Profit (Loss) 3828.135.23119.594.871 Operational Profit (Loss)... read more
Stable raw material prices lifted Q4 results; higher demand seen post-Ramadan: Aslak CEO
The fourth quarter of 2023 witnessed stable raw material prices, which eased the pressure on sales margins and thus improved... read more
ASLAK’s CEO Interview with CNBC Arabia regrading the process of reducing the company’s capital
https://unitedwires.com.sa/wp-content/uploads/2023/08/CNBC03082023.mp4 read more
United Wire Factories Co. announces its Interim Financial Results for the Period Ending on 2023-06-30 ( Six Months )
... read more
United Wire Factories Co. Announces the Board of Directors’ recommendation regarding transferring the company’s statutory reserve to retained earnings
Element ListExplanationAnnouncement Detail United Wire Factories Company announces the issuance of the Board of Directors’ recommendation to the... read more
United Wire Factories Co. Announces an update on Addendum Announcement from United Wire Factories Co. in regards to extension of the candidacy period for membership of the Board of Directors for the 5th session
Element ListExplanation Introduction Addendum announcement of the United Wire Factories Co regarding the extension of the... read more
United Wire Factories Co. announces its Annual Financial Results for the Period Ending on 2021-12-31
Element ListCurrent YearPrevious Year%ChangeSales/Revenue 921.3777.718.464 Gross Profit (Loss) 85.6113.9-24.846 Operational Profit (Loss) 56.472.3-21.991 Net Profit (Loss)... read more
