Saudi Cable Co.'s shareholders approved a proposed capital hike from SAR 110.6 million to SAR 360.6 million through a SAR 250 million rights issue, the company said in a bourse statement.
The capital hike aims to restructure the company’s capital and finance working capital to help the cable manufacturer boost production capacity and support future activities.
In December, the Capital Market Authority (CMA) approved the company's request to increase its capital by way of rights issue valued at SAR 250 million, according to data compiled by Argaam.
Saudi Cable's fluctuation limit for its capital increase will be based on a share price of SAR 18.56. The Securities Depository Center (Edaa) will deposit the company rights into the investor’s portfolios by Sunday Jan. 5, 2020.
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Key Figures of the Capital Increase |
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Current Capital |
SAR 110.61 mln |
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Number of shares |
11.06 mln shares |
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Increase (%) |
226% |
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New Capital |
SAR 360.61 mln |
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New number of shares |
36.06 mln shares |
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Rights Issue |
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Number of shares |
25 mln |
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Rights issue price |
SAR 10/share |
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Rights issue size |
SAR 250 mln |
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Record date |
Dec. 31, 2019 |
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Use of proceeds |
The capital hike aims to restructure the company’s capital and finance working capital to help the cable manufacturer boost production capacity and support future activities. |
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Additional Information |
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Financial advisor and Underwriter |
Falcom Financial Services |
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