Saudi Cable approves capital hike

The capital hike will take place through the issuance of 25mln shares

Riyadh – Mubasher: Shareholders of the Saudi Cable Company has approved on Tuesday raising the company’s capital by SAR 250 million through a rights issue.

The company’s extraordinary general assembly meeting (EGM) approved the board’s recommendation to increase its capital from SAR 110.61 million to SAR 360.61 million, according to a statement to the Saudi Stock Exchange (Tadawul).

The capital hike will take place through the issuance of 25 million shares, with the aim of restructuring working capital, increase operational capacities and expand the company’s future growth.

Source: Mubasher

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