CMA approves Saudi Cable’s request for capital increase to SAR 250 mln

The Saudi Capital Market Authority (CMA) on Monday announced that it has approved Saudi Cable Company's request to increase its capital by way of rights issue valued at SAR 250 million, according to CMA’s statement.

“The increase will be limited to the shareholders who are registered in the shareholders registry at the Security Depository Center as of the closing of the second trading day after the extraordinary general assembly meeting,” CMA said.

The company will determine the offering price and the number of shares offered for subscription after the market closing of the same day in which the extraordinary general assembly meeting is to be held.

Moreover, the rights issue prospectus will be posted and made available to the public at a later time.

“An investment decision based on the Company's board recommendation to increase its capital or the CMA's approval without carefully reading the rights issue prospectus or fully reviewing its content may involve high risk,” the authority stated.

CMA’s approval should never be considered as a recommendation to participate in the offer nor invest in the company's shares, and it only means that the legal requirements as per the capital market law and its implementing regulations have been met.