Melan adopts revised plan for financial recovery
Malan Steel Products Company has announced the approval of an amended plan to address accumulated losses and carry out financial restructuring, replacing the previous plan. The new plan focuses on eliminating accumulated losses, increasing share capital, and addressing the decline in the stock price, which has fallen below one Riyal, with the goal of raising it to more than 3 Riyals in line with the requirements of the Saudi Financial Market. The plan includes several stages, such as adjusting the nominal value of the share from 1 Riyal to 10 Riyals, reducing the number of shares from 26.6 million to 2.66 million, increasing capital through converting Dar Al-Takamol Holding's debts into shares, canceling shares to compensate for losses, and issuing rights shares. Each stage will be implemented after approval by the extraordinary general assembly and fulfillment of regulatory requirements. Currently, the accumulated losses amount to 37.576 million Riyals, representing 141.26% of the share capital, which stands at 26.6 million Riyals. The program aims to strengthen the company's financial position and restore share price stability.
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