United Wire Factories Co. announces the CMA’s approval on the Capital Reduction request of the Company

would like to inform its valued shareholders of the CMA’s approval, issued on 09/05/2023, on the Company’s request to reduce its capital (that exceeds the Company’s need) by (20%) from SAR (351,000,000) to SAR (280,800,000), thus reducing the number of shares of the Company from (35,100,000) shares to (28,080,000) shares.

The CMA’s approval is conditional on the Extraordinary General Assembly’s approval and the completion of the relevant legal procedures and requirements.

The Company will publish the “Shareholders’ Circular” containing the proposed method of reducing the capital and the expected effects of that capital reduction, on time, before the Extraordinary General Assembly Meeting, so that the shareholders can vote on the resolution to reduce the capital of the Company