MESC gets CMA nod on capital cut

Saudi Arabia’s Capital Market Authority (CMA), the Kingdom’s market regulator, has approved Middle East Specialized Cables Co.’s (MESC) request to reduce its capital to SAR 400 million from SAR 600 million.

The approval is conditional on the company’s extraordinary general assembly approval and completion of the necessary procedures in relation to the applicable regulations, the authority said in a statement.

MESC’s board of directors had recommended a capital cut to SAR 400 million from SAR 600 million to offset accumulated losses.