Riyadh Cables says major shareholder seeks to reorganize portfolio

Logo of Riyadh Cables Group Co.

Riyadh Cables Group Co. received a letter from major shareholder, Hikmat Saaduddin Al-Zaim, stating the intention of an internal restructuring process, according to a statement to Tadawul.

The restructuring will involve transferring 10 million shares owned by the shareholder to the investment portfolio of Afaq Al-Hikma Co., a closed joint stock company, representing 6.67% of the shares of Riyadh Cables, the statement noted.

Moreover, the shareholder will transfer 20 million shares to the investment portfolio of Afaq Development Co. Ltd., representing 13.33% of Riyadh Cables.

Both companies are 100%-owned by Al-Zaim, the statement pointed out, adding that this transfer resulted in a change in the list of major shareholders in Riyadh Cables.