Saudi Cable’s board recommends capital increase via rights issue

Saudi Cable’s board recommends capital increase via rights issue

Riyadh – Mubasher: The board of Saudi Cable Company suggested, in its 8 May 2024 meeting, a capital hike through a rights issue, according to a bourse disclosure. The company would raise the capital by SAR 400 million upon the approvals of the Capital Market Authority (CMA), other regulatory authorities, as well as the shareholders in their extraordinary general meeting (EGM). Saudi Cable aims to use the capital increase in restructuring and injecting new funds to boost the working capital. This would contribute to raising the operational capacity and supporting the company’s future activity. According to the latest data on the Saudi Exchange (Tadawul), the current authorised and paid-up capital of Saudi Cable totals SAR 66.72 million distributed over 6.67 million shares at a par value of SAR 10 per share. Saudi Cable recently appointed Chairman and Vice Chairman for the board term that will end in 2027. This was in addition to Fawaz Mubarak Al Muqbel as the new CEO as of 17 April 2024.

Saudi Cable’s board recommends capital increase via rights issue