Saudi Cable’s remaining rights issue 357% oversubscribed

Saudi Cable Co.’s remaining rights issue shares were 357% oversubscribed, with a total value of SAR 136.1million from 10.56 million shares at SAR 12.88 per share, the company said in a bourse filing.

The net proceeds from the rights issue and fractional shares is SAR 30.5 million, the company added emphasizing that the new shares will be added into shareholders accounts on February 2, 2020.

The cable manufacturer offered 25 million shares at SAR 10 each to raise its capital from SAR 110.6 million to SAR 360.6 million, according to data compiled by Argaam.

The rights issue was 57.76% subscribed, as investors pumped SAR 144.4 million into 14.44 million shares.