MESC recommends capital cut to offset losses

24/07/2018 Argaam

 

Middle East Specialized Cables Co.’s (MESC) board of directors recommended a 33.4 percent capital reduction to SAR 399.64 million from SAR 600 million to offset accumulated losses, the company said in a statement on Tadawul.

 

The capital cut is pending approval from the general assembly and regulator.

 

Key Figures of the Capital Reduction

Current Capital

SAR 600 mln

Number of shares

60 mln shares

Reduction (%)

33.4% (33 for every 100 shares)

New Capital

SAR 399.64 mln

New number of shares

39.96 mln shares

Method

Cancellation of 20.04 mln shares

Driver

To offset accumulated losses

Comments {{getCommentCount()}}

Be the first to comment

{{comment.FollowersCount}}
{{comment.CommenterComments}}

رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}

{{comment.DisplayName}} حساب موثّق

{{comment.ElapsedTime}}
{{comment.Replies.length}}
تعديل
loader Train
Report
loader Train
Sorry: the validity period has ended to comment on this news
Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.