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
- Date: 19-Oct-2022
- Source: Mubasher
- Sector:Financial Markets
- Country:Saudi Arabia
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 on Wednesday 10/19/2022, 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||2022-10-19 Corresponding to 1444-03-23|
|Capital before decrease||66,729,060|
|Capital after decrease||7,000,000|
|Percentage of Capital decrease||89.5 %|
|Number of Shares before Decrease||6672906|
|Number of Shares after Decrease||700000|
|Reasons for the Capital Decrease||Restructuring of the capital in order to write-off (89.5%) of the accumulated losses, an amount of (59,729,060) Saudi Riyal.|
|Method of Capital Decrease||Cancellation a number of (5,972,906) of the Company’s shares, such that, 0.895 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 well as when the capital reduction application file is