Logo of Saudi Cable Co.
Saudi Cable Co.’s board of directors recommended to cut capital by 89.5% from SAR 66.73 million to SAR 7 million to offset accumulated losses, according to a statement to Tadwul.
|
Capital Reduction Details |
|
|
Current Capital |
SAR 66.73 mln |
|
Number of Shares |
6.67 mln |
|
New Capital |
SAR 7 mln |
|
Number of Shares |
700,000 |
|
Percentage of Reduction |
89.5% (0.895-for-1 existing share) |
|
Reason |
Restructuring capital to offset 89.5%, or SAR 59.73 mln, of accumulated losses. |
|
Date of Reduction |
By the end of the second trading day following the extraordinary general meeting (EGM), which decided the capital reduction |
|
Method |
Cancelling 5.97 mln shares |
The board of directors also proposed to later increase capital via a SAR 280 million rights issue:
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Capital Increase Details |
|
|
Current Capital |
SAR 7 mln |
|
Number of Shares |
700,000 |
|
New Capital |
SAR 287 mln |
|
Number of Shares |
28.7 mln |
|
Percentage of Increase |
4000% |
|
Method |
Offering and listing 28 million rights |
|
Reason |
To restructure capital and inject funds to fulfill the requirements of the working capital and boost the operating capacity as well as future activities |
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Record Date |
Shareholders of record on the date of the EGM that decides to increase capital and those registered with Edaa on the second trading following the date of the EGM – to be determined later |
.The company indicated that there is no relevant financial impact on its financial obligations
Updates regarding the appointment of a financial advisor and the submission of the capital increase/reduction requests to the Capital Market Authority (CMA) will be disclosed, after obtaining the approvals of the competent authorities and the company’s EGM.
Since listing, Saudi Cable has raised and cut its capital several times, according to data available with Argaam.
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Saudi Cable Capital Changes |
||
|
Date |
Capital (SAR mln) |
Reduction/ Increase |
|
1992 |
270 |
Capital increase by bonus shares to SAR 300 mln |
|
1997 |
300 |
Capital increase by rights issue to SAR 500 mln |
|
2004 |
500 |
Capital increase by rights issue to SAR 640 mln |
|
2006 |
640 |
Capital increase by rights issue to SAR 760 mln |
|
2017 |
760 |
Capital reduction by 46.83% to SAR 404.1 mln |
|
2018 |
404.1 |
Capital reduction by 72.63% to SAR 110.6 mln |
|
2020 |
110.6 |
Capital increase by SAR 250 mln rights issue to SAR 360.6 mln |
|
Feb. 2022 |
360.6 |
Capital reduction by 27.3% to SAR 262.3 mln |
|
July 2022 |
262.3 |
Capital reduction by 74.6% to SAR 66.7 mln |
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