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 |
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