MESC amends capital cut recommendation to 33%

05/08/2018 Argaam

 

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

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