Saudi Cable reduces accumulated losses to 89.6% of capital

Logo of Saudi Cable Co.

Saudi Cable Co. announced that its accumulated losses declined to 89.6% of capital, or SAR 59.81 million, as on July 31, 2022, according to a bourse filing.

The cable producer reduced capital to SAR 66.73 million from SAR 262.31 million. Accordingly, accumulated losses decreased to SAR 59.81 million from SAR 195.58 million.

In July, the extraordinary general meeting (EGM) approved the board’s recommendation on slashing the company’s capital by 74.6% to SAR 66.73 million

to restructure capital and write off accumulated losses, Argaam earlier reported.