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HELSINKI - Afarak Group SE (LSE: AFRK, NASDAQ: AFAGR), a manufacturer of specialty metal alloys, held an extraordinary general meeting in Helsinki on January 29, 2025, where it was decided to reduce the company’s share capital and transfer funds to its invested unrestricted equity fund.
The meeting concluded with the decision to decrease the share capital from €23,642,049.60 to €1,000,000.00. This reduction of €22,642,049.60 will be allocated to the invested unrestricted equity fund, significantly increasing its reserves by the same amount. The implementation of this capital reduction is subject to the completion of creditor protection proceedings as required by Chapter 14 of the Finnish Companies Act. The company’s board will oversee all practical measures related to this process.
Additionally, the extraordinary general meeting approved the reduction of the company’s share premium account, transferring the entire balance of €25,223,189.79 to the invested unrestricted equity fund. This move will not affect the number of shares, shareholder rights, or the relative ownership proportions among shareholders and will also undergo creditor protection proceedings.
As of January 29, 2025, Afarak Group SE’s total number of shares and votes is 277,041,814, with the company holding 16,041,514 of its own shares. The minutes of the extraordinary general meeting will be available on the company’s website by February 12, 2025.
This financial restructuring is part of Afarak’s strategy to ensure stable growth. The company operates in the specialty metal alloy sector in Southern Europe and the ferroalloy business in South Africa. Afarak Group’s shares are traded on the NASDAQ Helsinki (AFAGR) and the London Stock Exchange (LON:LSEG) (AFRK).
This article is based on a press release statement from Afarak Group SE.
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