Saudi Cable plans $96mln capital increase

FALCOM Financial Services was appointed as a financial advisor to the offering transaction

  
Image used for illustrative purpose. A trader monitors stocks at a Saudi Bank in Dammam October 26,2008.

Image used for illustrative purpose. A trader monitors stocks at a Saudi Bank in Dammam October 26,2008.

REUTERS/Stringer
Riyadh – Saudi Cable Company’s (SCC) board recommended increasing the company’s capital by SAR 360 million by way of a rights issue.

The capital hike aims to restructure the company’s capital and pump new funds to help the company raise its operational capacity and support its future activity, according to a stock exchange statement on Thursday.

FALCOM Financial Services was appointed as a financial advisor to the offering transaction. The capital increase will be subject to the approvals of official relevant authorities and the extraordinary assembly.

Source: Mubasher

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