Saudi Cable Co.’s general assembly has approved a 46.83 percent capital reduction to SAR 404.11 million, to offset accumulated losses, the company said in a statement on Tadawul.
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Capital reduction details |
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Current Capital |
SAR 760 mln |
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Number of shares |
76 mln |
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Capital cut percent |
46.83% (10 share for every 2.14 shares) |
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New capital |
SAR 404.11 mln |
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New number of shares |
40.41 mln shares |
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Method of capital cut |
Cancellation of 35.59 mln shares |
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Reasons |
To offset accumulated losses |
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