The Saudi Capital Market Authority has announced the approval of the Saudi Cable Company to reduce its capital from approximately 360.6 million riyals to approximately 262.3 million riyals.
The authority stated in a statement, today, Thursday, that the number of shares in the company has decreased from approximately 36.06 million shares to 26.23 million shares.
The Capital Market Authority has approved the company’s request to increase its capital by offering shares in rights worth 500 million riyals.
The board of directors of “The Cables” had recommended reducing the capital by approximately 98.3 million riyals, and then increasing it by issuing rights of 500 million riyals.
The capital is reduced by 27.26% to approximately 262.31 million riyals, from 360.61 million riyals, in order to restructure it to pay off cumulative losses of 98.3 million riyals as of March 31, 2021.
The reduction will take place through the cancellation of approximately 9.83 million shares of the company, reducing by one share for every 3.6684 shares.
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