Molan Steel's Board OKs Revised Plan to Address Accumulated Losses

02:44 AM EDT, 10/05/2026 (MT Newswires) -- Molan Steel's (SASE:9553) board approved a revised plan to address accumulated losses, which reached 99.21% of the company's capital, according to a Monday release. The plan includes the withdrawal of a capital increase application submitted to Saudi Arabia's Capital Market Authority, revising the nominal value of a share to 10 Saudi riyals from 1 riyal and decreasing the number of shares to 2,660,000 shares from 26,600,000 shares. The board will also increase capital by converting debt owed to Dar Al-Takamul Holding Co. of up to 15 million riyals and issuing shares with the suspension of pre-emptive rights for up to 15% of the company's capital. Furthermore, capital will be reduced to absorb the accumulated losses through cancellation of shares equivalent to the reduction amount, followed by a capital increase by a rights issue. The iron products maker said that the plan is subject to approval at an extraordinary general assembly, from the Capital Market Authority, and other regulatory requirements.