Saudi Cable Company wins approval for big share capital cut

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Saudi Cable Company, a global provider of turnkey solutions for energy and telecom networks, said it has won approval from the company's shareholders for a 72.6 per cent reduction in the share capital to SR111 million ($30 million) from SR404 million ($107.6 million).

The announcement comes following the solid backing from the investors on this strategic move at the extraordinary general assembly meeting held in Riyadh, said the company in a filing to the Saudi bourse Tadawul.

At the meeting, Saudi Cable Company officials said the number of shares would be slashed from 40.4 million to 29.3 million shares - thus reducing 1.38 share for every 404.1 million share owned. -TradeArabia News Service

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