Saudi Cable Company announces the Board of Directors' recommendation to reduce the company's capital and then increase the company's capital by offering rights shares

Saudi Cable Company announces the Board of Directors' recommendation to reduce the company's capital and then increase the company's capital by offering rights shares

|Element List||Explanation|

|Introduction||The Saudi Cable Company announces that the Board of Directors decided, by passing in its meeting held on Thursday 02/06/2022, to recommend to the Extraordinary General Assembly to reduce the company’s capital and then increase it through priority rights shares according to the following details:|

|Date of Board Meeting||2022-06-02 Corresponding to 1443-11-03|

|Capital before decrease||262,311,060|

|Capital after decrease||66,729,060|

|Percentage of Capital decrease||-74.6 %|

|Number of Shares before Decrease||26231106|

|Number of Shares after Decrease||6672906|

|Reasons for the Capital Decrease||Restructuring of the capital in order to write-off (100%) of the accumulated losses as of 31 March 2022, an amount of (195,582,000) Saudi Riyal.|

|Method of Capital Decrease||Cancellation a number of (19,558,200) of the Company’s shares, such that, 0.7456 share will be reduced for every 1 share|

|Impact of the Capital Decrease on the Company's Obligations, Operations or Operational, Financial or Organizational Performance of the Company||Capital decrease will not impact the Company financial obligations.|

|Date of reduction||The End of the Second Trading Day after the Extra Ordinary General Assembly Meeting in which Decrease was Resolved|

|Approvals||The approval of the relevant official authorities and the extraordinary general assembly|

|Appointment of a Financial Advisor and the Submission of the Application for Capital Decrease to CMA||An announcement will be made when a financial advisor is appointed as