Riyadh – Mubasher: Saudi Cable Co. on Wednesday said it will include a new item to ordinary general meeting (OGM) agenda slated for 2 May.
The OGM will vote on transferring the full statutory reserve of the company amounting to SAR 63.432 million (16.91 million) to cover part of the accumulated losses, according to a bourse filing.
The OGM will also discuss absolving the board of directors from liability for the fiscal year ended 31 December 2015, in addition to other items.
Earlier this week, Saudi Cable reported deepening its losses for Q1-16 by 526% to SAR 49.72 million ($13.26 million), compared to SAR 7.94 million ($2.12 million) recorded in the same period in 2015.
The cable company’s accumulated losses by the end of Q1-16 reached SAR 415.37 million ($110.74 million), representing 54.65% of capital, compared to SAR 375.27 million ($100.05 million) by the end of Q1-15.
