CMA approves Saudi Cable's capital cut request

Saudi Arabia’s Capital Market Authority (CMA) has approved Saudi Cable Company’s (SCC) request to reduce its capital from SAR 404.11 million to SAR 110.61 million, in turn cutting the number of shares from 40,411,400 to 11,061,406.

The CMA nod remains subject to approval from SCC’s extraordinary general assembly and completion of other required procedures.

SCC submitted its capital cut request to CMA last week. The move is aimed at offsetting accumulated losses, the firm had earlier said.