Saudi Cable recommends capital hike through SAR 360 mln rights issue

Logo of Saudi Cable Co.

Saudi Cable Co.’s board of directors recommended increasing the company’s capital through rights issue of SAR 360 million, the firm said in a statement to Tadawul today, Feb. 25, 2021.

The increase aims to aid with capital restructuring and injection of new funds to provide working capital, allowing the company to improve its operational capacity and support the future activity.

The recommendation is pending approval from the shareholders and authorities concerned.

Shareholders of record on the date of the extraordinary general assembly meeting (EGM), during which the decision to increase capital is approved, are eligible, in addition to those registered at the Securities Depository Center Co. (Edaa) at the end of the second trading day following the meeting.

FALCOM Financial Services has been appointed as financial advisor.

The date for the submission of the capital increase application file to the Capital Market Authority (CMA) will be announced later. Any related developments will be announced in due course.

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