Riyadh – The board of Saudi Cable Company has recommended reducing capital by 74.6% and then increasing it by offering rights shares.
By cancelling 19.55 million of the company’s shares, the company will cut its capital to SAR 66.72 million from SAR 262.31 million, according to a bourse filing on Thursday.
This step aims to restructure the capital in order to write off all of the accumulated losses worth SAR 195.58 million as of 31 March 2022.
Meanwhile, the board proposed a 599% capital increase to SAR 466.72 million from SAR 66.72 million by offering and listing rights issues of 40 million shares.
The company seeks to raise its capital to inject new capital to secure working capital, increase operational capacity, and support its future activities.
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