Saudi Cable shareholders to vote on 74.6% capital decrease on July 20

Logo of Saudi Cable Co.

Saudi Cable Co.'s shareholders will vote on reducing capital by 74.6% to SAR 66.73 million from SAR 262.31 million, during an extraordinary general assembly meeting, scheduled for July 20, according to a bourse filing.

The company aims to restructure its capital and amortize 100% of its accumulated losses as on March 31, 2022, at a value of SAR 195.58 million.

The capital will be decreased through canceling 19.55 million shares, at 0.7456 shares per every one held share.

The capital reduction will be effective as at the end of the second trading day following the EGM date.

The company noted that the move will have no financial impact on its financial obligations.

The Capital Market Authority (CMA) approved on June 30, the cable producer’s application to reduce its capital by 74.6% to SAR 66.73 million, Argaam earlier reported.

Other agenda items include appointing an auditor and setting their fees for reviewing financial statements for Q2, Q3, Q4 and FY 2022, and Q1 2023.