Logo ofSaudi Cable Co.
Saudi Cable Co.’s board of directors recommended a capital increase via a SAR 400 million rights issue, according to a statement to Tadawul. 
The increase will be used in restructuring capital and providing funds for the working capital, so that the company is capable of boosting operating capacities as well as future business activities, aligning with the proposed financial restructuring plan.
Shareholders of record on the extraordinary general meeting (EGM) date and those registered with Edaa on the second trading day following the general meeting date will be eligible for the capital increase.
The capital hike will be subject to the approval of the Capital Market Authority (CMA) and the other relevant competent authorities, in addition to the approval of the general meeting.
The company will later announce the appointment of a financial advisor and a lead manager and will duly disclose any related updates, the statement added.
Saudi Cable reported a net profit of SAR 36.6 million in 2023, versus a net loss of SAR 580.5 million a year earlier, data compiled by Argaam showed.
The company’s accumulated losses reached SAR 506.76 million, or 759% of capital.
A trading halt was placed on the stock on Tadawul on March 20, 2024.
Logo ofSaudi Cable Co.
Saudi Cable Co.’s board of directors recommended a capital increase via a SAR 400 million rights issue, according to a statement to Tadawul.
The increase will be used in restructuring capital and providing funds for the working capital, so that the company is capable of boosting operating capacities as well as future business activities, aligning with the proposed financial restructuring plan.
Shareholders of record on the extraordinary general meeting (EGM) date and those registered with Edaa on the second trading day following the general meeting date will be eligible for the capital increase.
The capital hike will be subject to the approval of the Capital Market Authority (CMA) and the other relevant competent authorities, in addition to the approval of the general meeting.
The company will later announce the appointment of a financial advisor and a lead manager and will duly disclose any related updates, the statement added.
Saudi Cable reported a net profit of SAR 36.6 million in 2023, versus a net loss of SAR 580.5 million a year earlier, data compiled by Argaam showed.
The company’s accumulated losses reached SAR 506.76 million, or 759% of capital.
A trading halt was placed on the stock on Tadawul on March 20, 2024.
