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 to Invites its Shareholders to Attend the ( First Meeting ) Ordinary General Assembly Meeting
Element List
Explanation
Introduction
The Board of Directors of United Wire Factories Company is pleased to invite its shareholders to attend... read more
United Wire Factories Co. announces its Annual Financial results for the period ending on 2023-12-31
Element ListCurrent YearPrevious Year%ChangeSales/Revenue 792.81,026.4-22.76 Gross Profit (Loss) 64.1107.3-40.26 Operational Profit (Loss) 26.267.2-61.01 Net profit (Loss)... read more
United Wire Factories Company announces the distribution of cash dividends to shareholders for the second half of the year 2022 AD and for the period until the end of the third quarter 2023 AD
Element ListExplanation Introduction United Wire Factories Company (Aslak) announces the decision of the Board of Directors... read more
United Wire Factories Co. announces its Interim Financial Results for the Period Ending on 2021-09-30 ( Nine Months )
Element ListCurrent QuarterSimilar quarter for previous year%ChangePrevious Quarter% ChangeSales/Revenue 185.7160.215.917217.7-14.699 Gross Profit (Loss) 16.928.3-40.28221.2-20.283 Operational Profit (Loss)... 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
United Wire Factories Co. Announces the appointment of the Chairman of the Board of Directors, Vice Chairman and the formation of committees emanating from the Board of Directors
Element ListExplanationAnnouncement Detail With reference to the Ordinary General Assembly meeting of United Wire Factories Co. (Aslak) held... read more
Aslak’s profit margins boosted by efficient raw materials procurement: CEO
United Wire Factories Co. (Aslak) was highly-selective in managing the process of raw materials procurement to seize good opportunities, which... read more
United Wire Factories Co. announces the opening of the nomination period for the board of director’s membership
Element List
Explanation
Introduction
United Wire Factories Co. (Aslak) is pleased to announce that it has open the nomination for Board... read more
Announcement Details United Wire Factories Company Announces the Execution of a Non-Binding Agreement in connection with the Acquisition of forty percent (40.0%) of Issued Shares in Al Raeda Industrial Investment Company, in return for Issuing New Shares for the Selling Shareholders of Al Raeda Industrial Investment Company in United Wire Factories Company
Element ListExplanation Introduction With reference to United Wire Factories Company's ("ASLAK" or the "Company") announcement dated... read more
United Wire Factories Co. announces its Annual Estimated Financial Results for the Period Ending on 2022-12-31
Element ListCurrent YearPrevious Year%ChangeSales/Revenue 1,026.4921.311.41 Gross Profit (Loss) 107.385.225.94 Operational Profit (Loss) 67.856.420.21 Net Profit (Loss)... read more