Saudi Cable’s rights issue to start tomorrow

05/01/2020 Argaam

 

Saudi Cable Co. will start its rights issue tomorrow, Jan. 6, to increase capital from SAR 110.61 million to SAR 360.61 million.

 

The company added in a bourse statement on Sunday that the rights will be tradable until Jan. 13, and the subscription period will run until Jan. 16.

 

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.

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