Riyadh - Mubasher: Saudi Cable Company’s board recommended the reduction of its capital by 65.92% to offset accumulated losses.
The capital would be decreased to SAR 259 million from SAR 760 million, through reducing two shares per three ordinary shares (2:3), according to a bourse statement on Wednesday.
The company noted that the capital cut will not have any significant impact on the creditors or lenders of the company. The reduction is subject to obtaining approvals from the competent authorities and the extraordinary general meeting (EGM).
Saudi Cable will later appoint a financial advisor to manage the capital decrease and submit the reduction portfolio to the Capital Market Authority (CMA).
