Trading of Saudi Cable rights ends today

Trading of Saudi Cable Co. (SCC) rights ends today, Jan. 13, while the subscription period will run throughout Jan. 16, according to a bourse statement.

Saudi Cable began its rights issue on Jan. 6, to raise capital to SAR 360.6 million from SAR 110.6 million.

The cable manufacturer offered 25 million shares at SAR 10 each. Each shareholder owning one share is eligible to subscribe to 2.26 rights.

SCC’ shareholders approved on Dec. 31 a capital hike from SAR 110.6 million to SAR 360.6 million through a SAR 250 million rights issue, Argaam previously reported.

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.

Capital Hike Details
Current Capital	SAR 110.61 mln
Current number of shares	11.06 mln
Capital hike percentage	226%
Post-increase capital	SAR 360.61 million
Post-increase number of shares	36.06 mln

Rights Issue Details
Number of right shares	25 million shares
Offering price per share	SAR 10
Size of issue	SAR 250 mln
Use of proceeds	Net proceeds of offering fees and costs will go towards restructuring capital and pumping cash to provide working capital, increase operating capacity and support future activities.

Additional Details
Financial advisor, lead manager and underwriter	Falcom Financial Services

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