Saudi Cable shareholders to vote on 27.3% capital cut, SAR 500 mln rights issue on Feb. 9

Details of Capital Reduction

Current Capital

SAR 360.61 mln

Number of Shares

 36.06 mln

New Capital

SAR 262.31 mln

Number of Shares

26.23 mln

Percentage

27.26% (one for every 3.67 shares)

Reason

Capital restructuring to offset accumulated losses as on March 31, 2021, at SAR 98.3 million

Date of Capital Cut

End of the second trading day following the extraordinary general meeting (EGM) date

Method

Writing off 9.83 mln shares

Capital Hike Details

Current capital

SAR 262.31 mln

Number of shares

26.23 mln

Capital hike%

190.61%

Capital after increase

SAR 762.31 mln

Number of shares after increase

76.23 mln

Reason for increase

To restructure capital, injecting new funds to provide a working capital enable the company from increasing operating capacity and support future activities.

Record date

Feb. 9, 2022 (Shareholders registered with the company at the end of the second day following the EGM)

Method

Rights issue of 50 mln shares