Saudi Cable Co. has obtained the approval of the Capital Market Authority (CMA), the Kingdom’s market regulator, on its request to reduce capital to SAR 404.1 million from SAR 760 million, the cable producer said in a statement to the Saudi bourse (Tadawul).

 

Accordingly, the number of shares will be cut from 76 million to 40.4 million.

 

The capital cut is pending the approval of the company’s extraordinary general meeting (EGM)

 

Last week, Saudi Cable’s board of directors revised down its recommendation on capital reduction to 46.83 percent from the previous 65.92 percent through canceling 35.59 million shares.

 

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