Riyadh – Mubasher: The extraordinary general meeting (EGM) of Saudi Cable Company approved the board’s recommendation to decrease its capital by 46.83%.
Earlier, the company’s board had decided to decrease the capital to SAR 404.1 million from SAR 760 million, through reducing one share per 2.14 shares.
The capital cut aims to offset the current accumulated losses, according to a bourse filing on Monday.
The number of shares will be reduced from 76 million shares to 40.41 million shares, by reducing one share per every 2.14 ordinary shares.
The meeting also voted on amending Article 7 from the firm’s bylaws to be in line with the capital decrease.
The decision will be binding for all the shareholders registered at the Securities Depository Center at the end of trades of the following day of the EGM, the statement said.
