Saudi Cable to vote on capital increase, decrease on Feb. 20

17/02/2022 Argaam
Logo of Saudi Cable Co.

Logo of Saudi Cable Co.

Saudi Cable Co. shareholders will vote on capital increase and decrease, during an extraordinary general meeting (EGM), slated to be held on Feb. 20, according to a bourse filing.

 

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 amounting to SAR 98.3 million.

 

The capital decrease will be carried out through cancelling 9.830 million shares, at 1 share per each 3.6684 shares.

 

They will also vote on a capital hike through SAR 500 million rights issue, data compiled by Argaam showed.

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