Saudi Cable submits request for approval of SAR 250 mln capital increase

Saudi Cable Co. announced on Tuesday the request of submission to the Capital Market Authority (CMA) to approve the capital increase to SAR 250 million by offering rights issue.

The company said in a statement to Tadawul that the decision is subject to the approval of the concerned authorities and the extraordinary general assembly.

It will announce any future developments in this regard as and when available, the statement said.

In April this year, the company’s board of directors had recommended a capital hike to restructure and raise additional funds to increase operating capacity and support future activities.