Saudi Cable Co.’s board of directors recommended a 72.6 percent capital reduction to SAR 110.6 million from SAR 404.1 million to offset accumulated losses, the company said in a statement on Tadawul.
The capital cut is pending approval from the general assembly and regulator.
In a separate statement, the company said it has appointed NCB Capital (NCBC) as financial advisor for the capital cut.
|
Key Figures of the Capital Reduction |
|
|
Current Capital |
SAR 404.1 mln |
|
Number of shares |
40.41 mln shares |
|
Reduction (%) |
72.6% (3 for every 4 shares) |
|
New Capital |
SAR 110.61 mln |
|
New number of shares |
11.06 mln shares |
|
Method |
Cancellation of 29.35 mln shares |
|
Driver |
To offset accumulated losses |
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