Saudi Cable files for capital cut to offset losses

06/08/2018 Argaam

 

Saudi Cable Co. (SCC) has submitted a capital reduction request to the Capital Market Authority (CMA), the cable producer said in a bourse filing.

 

Any relevant updates will be duly revealed, the statement added.

 

Earlier this month, SCC’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.

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