CMA approves Saudi Cable’s capital cut, rights issue

06/01/2022 Argaam

Logo of Saudi Cable

The Capital Market Authority (CMA) approved an application from Saudi Cable Co. (SCC) to reduce its capital to SAR 262.3 million from SAR 360.61 million, the market regulator said in a statement.

 

Accordingly, the number of shares will be reduced from 36.06 million to 26.23 million.

 

The CMA nod is conditional on the company’s extraordinary general meeting (EGM) approval and completion of necessary procedures.

 

In addition, the regulator approved the company’s request to increase capital through a SAR 500 million rights issue.

 

The increase will be limited to the shareholders registered with the Security Depository Center Co. (Edaa) by the close of the second trading day after the EGM date, to be set by the board of directors later.

 

The offering price and the number of shares offered for subscription will be determined after the market close on the EGM date.

 

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