Saudi Cable to pay compensation for unsubscribed shares of rights issue

Saudi Cable Co. said it will distribute SAR 27.8 million on March 5, representing compensation for unsubscribed shares.

The amount will be paid to eligible investors who did not exercise their rights to subscribe to new shares, the company said in a bourse statement on Tuesday.

The company further asked eligible shareholders, whose bank account details are not updated, to contact the head office of investor relations.

Saudi Cable began its rights issue on Jan. 6, 2020, to raise capital from SAR 110.61 million to SAR 360.61 million by offering 25 million shares at SAR 10 each.