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Mellan board approves loss recovery plan
Mulan Steel Products Company announced that its Board of Directors has approved a plan to address accumulated losses, which amount to 99.21% of its capital. The plan involves increasing the capital from 26.6 million riyals to 53.2 million riyals through the issuance of rights shares to existing shareholders, followed by a capital reduction to 26.81 million riyals to fully offset the losses, after fulfilling regulatory requirements and obtaining the approval of the Capital Market Authority. The decision to increase capital will be presented to an extraordinary general assembly before October 25, 2026, with the aim of ensuring operational continuity and improving the company's financial standing.
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