Middle East Specialized Cables Co.’s (MESC) board of directors has amended its capital cut recommendation to SAR 400 million from SAR 600 million, the company said in a statement on Tadawul.
The capital cut is pending approval from the general assembly and regulator.
Last month, the company’s board of directors recommended a 33.4 percent capital reduction to SAR 399.64 million from SAR 600 million to offset accumulated losses, according to data compiled by Argaam.
|
Key Figures of the Capital Reduction |
|
|
Current Capital |
SAR 600 mln |
|
Number of shares |
60 mln shares |
|
Reduction (%) |
33.3% (1 for every 3 shares) |
|
New Capital |
SAR 400 mln |
|
New number of shares |
40 mln shares |
|
Method |
Cancellation of 20 mln shares |
|
Driver |
To offset accumulated losses |
Comments {{getCommentCount()}}
Be the first to comment
رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}
{{comment.DisplayName}}
{{comment.ElapsedTime}}