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Saudi Cable Co. (SCC) appointed on June 22 Wasatah Capital as financial advisor to manage the company's planned capital reduction.

 

SCC will announce when the capital reduction file is submitted to the Capital Market Authority (CMA) and any future developments in a timely manner, it said in a statement to Tadawul.

 

On June 2, SCC’s board of directors recommended 74.6% capital reduction to SAR 66.73 million from SAR 262.31 million to restructure the company’s capital and offset its accumulated losses.

 

Additionally, the board recommended a SAR 400 million rights issue to raise the company’s capital when the planned reduction is complete.

 

Changes in Capital (SAR mln)

Date

Method

Old Capital

New Capital

Change (%)

2022

Reduction

360.61

262.31

(27.3%)

2019

Rights Issue

110.61

360.61

226.0%

2018

Reduction

404.11

110.61

(72.6%)

2017

Reduction

760

404.11

(46.8%)

2004

Rights Issue

640

760

18.8%

2004

Rights Issue

500

640

28.0%

1997

Bonus Issue

400

500

25.0%

1997

Rights Issue

300

400

33.3%

1992

Bonus Issue

270

300

11.1%
 

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