MESC accumulated losses reach 29% of capital

Middle East Specialized Cables Co.’s (MESC) accumulated losses for fiscal year 2016 stood at SAR 175 million, accounting for 29 percent of capital, the company said in a statement to Tadawul on Wednesday.

The accumulated losses were attributed to the company’s share in the losses of its Jordanian subsidiaries over the previous years.

MESC will be subject to the Capital Market Authority’s (CMA) new rules governing listed companies with accumulated losses of 20-35 percent of their capital, to be applied from April 22, 2017.