| 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 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
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 Start of the Creditors’ Objection Period Related to the Company’s Capital Reduction (that exceeds the Company’s need)
... read more
Announcement Details United Wire Factories Co. announces its Interim Financial results for the Period Ending on 2024-06-30 ( Six Months )
Element ListCurrent QuarterSimilar quarter for previous year%ChangePrevious Quarter% ChangeSales/Revenue 174.1200.2-13.036187.2-6.997 Gross Profit (Loss) 14.617.3-15.60615.9-8.176 Operational Profit (Loss)... read more
United Wire Factories Co. announces the board of director’s decision to distribute cash dividends for the 4th quarter 2023 and for the period 9 months 2024
Element ListExplanation Introduction United Wire Factories Company ASLAK announces the decision of the Board of Directors... read more
Aslak opens new factory in Al Kharj
United Wire Factories Co. (Aslak) inaugurated its new factory in Al Kharj Industrial City, spanning 15,000 square meters.
In a... read more
United Wire Factories Co. announces the distribution of cash dividend for For the 1st half of the year 2022 AD
Element ListExplanation Introduction United Wire Factories Company (Aslak) announces the decision of the Board of Directors... read more
United Wire Factories Co. Announces Board’s Recommendation to Decrease the Company’s Capital
ELEMENT LIST
EXPLANATION
Date of Board Meeting
2020-01-13 Corresponding to 1441-05-18
Capital before decrease
No English translation, kindly refer to the Arabic version
Capital after decrease
No... read more
United Wire Factories Co. announces the distribution of cash dividend for For the first half of the year 2021 AD
Element ListExplanation Introduction United Wire Factories Company (Aslak) announces the decision of the Board of Directors... read more
United Wire Factories Co. Announces the Results of the Extraordinary General Assembly Meeting (First Meeting)
Element ListExplanation Introduction United Wire Factories company Board of Directors is pleased to announce the results... read more
