Saudi Cable Co.’s shareholders have approved a 72.6 percent capital reduction to SAR 110.6 million from SAR 404.1 million to offset accumulated losses, the company said in a bourse statement on Monday.
The move was approved during the extraordinary general assembly meeting on Sept. 2, 2018.
In a separate statement, the Saudi Stock Exchange (Tadawul) announced the fluctuation limits for Saudi Cable will be based on a share price of SAR 25.55.
Trading on the company will be suspended for two business days starting Monday, Sept. 3, until the Securities Depository Center Company (Edaa) reflects the share reduction on investors’ portfolios.
The suspension will be lifted end of Tuesday, Sept. 4.
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Key Figures of Capital Reduction |
|
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Current Capital |
SAR 404.1 mln |
|
Number of shares |
40.41 mln shares |
|
Reduction (%) |
72.6% (3 for every 4 shares) |
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New Capital |
SAR 110.61 mln |
|
New number of shares |
11.06 mln shares |
|
Method |
Cancellation of 29.35 mln shares |
|
Driver |
To offset accumulated losses |
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