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Malān Implements New Financial Plan
Milan Steel Products Company announced the approval of an amended plan to address its accumulated losses and restructure its financial position, replacing the previous plan. The plan aims to eliminate accumulated losses amounting to 37.576 million SAR, which represents 141.26% of the company's share capital, and to increase capital through several phases. These phases include adjusting the nominal value of the share from 1 SAR to 10 SAR, reducing the number of shares, converting Darr Al-Takamul Holding Company's debts into equity, and increasing capital through the issuance of rights shares. Each phase requires the approval of the General Assembly and the Capital Market Authority. This move follows a decline in the stock price to below 1 SAR, with the goal of raising the share price to over 3 SAR.
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