‎Saudi Cable board recommends 89.5% capital reduction, capital increase via SAR 280 mln rights issue

‎Saudi Cable board recommends 89.5% capital reduction, capital increase via SAR 280 mln rights issue

Saudi Cable Co.’s board of directors recommended to cut capital by 89.5% from SAR 66.73 million to SAR 7 million to offset accumulated losses, according to a statement to Tadwul.

The board of directors also proposed to later increase capital via a SAR 280 million rights issue:

.The company indicated that there is no relevant financial impact on its financial obligations

Updates regarding the appointment of a financial advisor and the submission of the capital increase/reduction requests to the Capital Market Authority (CMA) will be disclosed, after obtaining the approvals of the competent authorities and the company’s EGM.

Since listing, Saudi Cable has raised and cut its capital several times, according to data available with Argaam.