Logo of Saudi Cable Co.
Saudi Cable Co. invited its shareholders to attend the extraordinary general assembly meeting (EGM) that will be held on Feb. 9, to vote on a board recommendation of a 27.26% capital cut from SAR 360.61 million to SAR 262.31 million to restructure the company’s capital and offset accumulated losses.
|
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 |
Shareholders will also vote on a capital hike through SAR 500 million rights issue.
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Capital Hike Details |
|
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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 |
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