Saudi Cable submits capital cut, raise request to CMA

Saudi Cable aims to raise the capital through a rights issue

  
A Saudi trader wears a mask as he monitors stock information at the Saudi stock market in Riyadh, Saudi Arabia August 25, 2020.

A Saudi trader wears a mask as he monitors stock information at the Saudi stock market in Riyadh, Saudi Arabia August 25, 2020.

REUTERS/Ahmed Yosri
Riyadh – Mubasher: Saudi Cable Company has submitted a request to the Saudi Capital Market Authority (CMA) to reduce the capital by SAR 98.3 million.

The company also submitted on 23 August its request to later increase the capital by SAR 500 million, according to a bourse disclosure on Tuesday.

Saudi Cable aims to raise the capital through a rights issue.

The company noted that any future developments in this regard will be disclosed in due course.

Last July, the board of directors recommended a 27.26% capital reduction to SAR 262.31 million, as well as a capital hike through a rights issue to stand at SAR 762.31 million.

Source: Mubasher

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