Saudi Cable plans to raise $96mln via rights issue

Additional funds to boost firm's operational capacity

  
A Saudi trader monitors stocks at the Saudi stock market in Riyadh, Saudi Arabia, January 8, 2020.

A Saudi trader monitors stocks at the Saudi stock market in Riyadh, Saudi Arabia, January 8, 2020.

REUTERS/Ahmed Yosri

Saudi Cable Company is looking to raise 360 million riyals ($96 million) through a rights issue to boost its capital.

The plan was recommended by the board of directors in a recent meeting and it’s intended to increase operational capacity and support future activity, the company said in a bourse filing to the Saudi Stock Exchange (Tadawul) on Thursday.

The company is yet to submit the application for capital increase to the Capital Market Authority (CMA), but it said that Falcom Financial Services has already been appointed as the advisor.

Saudi Cable posted net earnings of 51.4 million riyals during the third quarter of 2020, compared to 23.8 million in net losses a year earlier.

(Writing by Cleofe Maceda; editing by Seban Scaria)

Cleofe.maceda@refinitiv.com

Disclaimer: This article is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Read our full disclaimer policy here.

© ZAWYA 2021

More From Equities