Saudi Cable recommends SAR 250 mln rights issue

Saudi Cable Co.’s board of directors has recommended a capital hike through a SAR 250 million rights issue, the company said in a bourse statement.

The capital hike aims to restructure the company’s capital and raising additional funds to provide working capital to increase operating capacity and support future activities.

The process is pending approvals from the general assembly and regulator.

Shareholders of record on the second day after the extraordinary general meeting will be entitled to subscribe to the offering.

 The company has appointed Falcom Financial Services Co. as financial advisor for the offering .