MESC submits capital cut request to CMA

Middle East Specialized Cables Co. (MESC) submitted on Monday its request to reduce capital to the Saudi Capital Market Authority (CMA), the company said in a statement on Tadawul.

The company will disclose any development in its due time.

MESC’s board amended its capital cut recommendation to SAR 400 million from SAR 600 million, after recommending a 33.4 percent capital reduction to SAR 399.64 million from SAR 600 million to offset accumulated losses.