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Amiantit, in Saudi Arabia, announced the closure of two of its subsidiaries: Amiron Saudi Arabia Ltd. in Dammam and the Saudi SAKOB Concrete Products Company in Jeddah.
The company said in a statement on Tadawul that the financial impact of the closure of the Amiron Saudi Arabia Ltd. plant. – Dammam, would have losses estimated at 8.6 million RS.
The financial impact resulting from the closure of the Saudi company Concrete Products Company Ltd. (SAKOB), Jeddah, is estimated at 5.4 million RS.
The company stated that the losses mentioned following the closure of the two companies mentioned above are included in the cumulative losses announced in its announcement of February 20, 2019, amounting to 514.37 million SAR.
According to the data available "Numbers"Saudi Arabian Amiantit Company announced yesterday that its accumulated losses represented 44.53% of its capital, which indicates that accumulated losses amounted to 514.37 million SAR on 20 February 2019.
The Board of Directors has recommended reducing the capital from SR 1155 million to SR 640.63 million or 44.53% (ie an existing share of 2.25) in order to restructure part of the existing Amiantit group and to amortize the capital of 514.37 million SR to cover losses Structure.
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