Saudi Cable says EGM not held due to lack of quorum

Saudi Cable Co. announced in a bourse filing that its extraordinary general meeting (EGM) – a second meeting, slated for Feb. 9 – was not held due to lack of quorum.

Accordingly, the company will call for a third meeting, the date for which will be determined and announced later after obtaining the approval of the relevant authorities, the statement added.

Saudi Cable shareholders were to vote on a board recommendation of a 27.26% capital cut from SAR 360.61 million to SAR 262.31 million to restructure the company’s capital and offset accumulated losses. Shareholders would also vote on a capital hike through SAR 500 million rights issue, data compiled by Argaam showed.