Saudi Cable Co.’s board of directors recommended a 72.6 percent capital reduction to SAR 110.6 million from SAR 404.1 million to offset accumulated losses, the company said in a statement on Tadawul.

 

The capital cut is pending approval from the general assembly and regulator.

 

 In a separate statement, the company said it has appointed NCB Capital (NCBC) as financial advisor for the capital cut.

 

Key Figures of the Capital Reduction

Current Capital

SAR 404.1 mln

Number of shares

40.41 mln shares

Reduction (%)

72.6% (3 for every 4 shares)

New Capital

SAR 110.61 mln

New number of shares

11.06 mln shares

Method

Cancellation of 29.35 mln shares

Driver

To offset accumulated losses

 

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