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Al-Fakhariya to cut capital to cover losses
The Saudi Ceramic Pipe Manufacturing Company announced a modification to its Board of Directors’ recommendation regarding the reorganization of its capital structure. The company plans to reduce its capital from 150 million SAR to 45.43 million SAR, a decrease of approximately 70%, in order to offset accumulated losses amounting to 104.57 million SAR. The number of shares will be decreased from 15 million to 4.54 million by canceling 10.46 million shares, with approximately 0.697 shares canceled for each outstanding share, without significantly impacting the company's obligations or operations. Following the reduction, the company intends to increase its capital through a rights issue of 90 million SAR to strengthen its financial position and execute its strategic plans. The implementation of these steps is subject to approval by regulatory authorities and the extraordinary general assembly.
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