Logo of Saudi Cable Co.
Saudi Cable Co.’s shareholders approved the board’s recommendation to reduce capital by 74.6% to SAR 66.73 million from SAR 262.31 million, during the extraordinary general meeting (EGM) held on July 25, according to a bourse filing.
The move aims to restructure the company’s capital and write off accumulated losses.
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Capital Cut Details |
|
|
Current Capital |
SAR 262.31 mln |
|
Number of Shares |
26.23 mln |
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New Capital |
SAR 66.73 mln |
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Number of Shares |
6.67 mln |
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Reduction % |
74.6% (0.75 share for every existing share) |
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Reason |
To restructure capital and write off SAR 195.58 million in accumulated losses as on March 31, 2022. |
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Date |
July 25, 2022 |
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Method |
Cancelling 19.56 million shares |
Shareholders also approved the appointment of Alkharashi & Co. Certified Accountants & Auditors as a new auditor to review financial statements for Q2, Q3, Q4 2022, and Q1 2023.
Saudi Cable’s daily trading fluctuation limit after its capital reduction will be based on a share price of SAR 57.20 as of today, July 26, and the outstanding orders will be canceled, the Saudi Exchange (Tadawul) said in a statement.
The Securities Depository Center (Edaa) will implement the capital cut in investor portfolios by July 28.
A trading halt will be maintained on the stock as per Tadawul filing on May 17.
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