Saudi Cable shareholders to vote on SAR 250 mln rights issue on Dec. 31

Saudi Cable Co.’s shareholders are set to vote on a proposed capital hike to SAR 360.6 million through a SAR 250 million rights issue, on December 31, 2019, the company said in a bourse statement.

The capital hike is intended to restructure the company’s capital and inject extra money to provide working capital which increases the production capacity and supports future activities.

Last week, 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.