Riyadh Cables Group of Companies (RCGC) will offer 30 percent of its capital in an initial public offering (IPO).

 

At an extraordinary general meeting (EGM), the company’s shareholders also approved hiking the capital from SAR 900 million to SAR 1,500 million through a 2:3 bonus share distribution.

 

Established in 1984, RCGC comprises four major companies and produces all kinds of low, medium and high pressure cables, in addition to electrical wiring cable.

 

Details of capital increase

SAR 900 mln

Current capital

90 mln shares

Number of shares

66.7% ( two shares for every three shares)

Capital raise percentage

SAR 1,500 mln

New capital

150 mln shares

Number of Shares after raise

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