MESC narrows accumulated losses to SAR 10.3 mln

Middle East Specialized Cables Co.’s (MESC) has narrowed its accumulated losses to SAR 10.32 million, or 2.6 percent of capital as of Nov.4, 2018, mainly due to its capital cut, it said in a statement to Tadawul.

Earlier this month, the company’s general assembly approved a 33.3 percent capital reduction to SAR 400 million from SAR 600 million through the cancellation of 20 million shares, in order to offset accumulated losses.