Riyadh – Mubasher: The Saudi Cable Company on Monday announced that its shareholders had approved cutting its capital by 72.63% in abid to amortise its accumulated losses during an extraordinary general meeting (EGM) held the previous day.
The firm’s capital will reach SAR 110.61 million from SAR 404 million, according to a statement to the Saudi Stock Exchange (Tadawul).
Saudi Cable affirmed that trimming capital will not negatively affect its financial commitments.
The EGM also approved to amend some of the firm’s articles of association.
The Saudi bourse announced that the fluctuation limit for Saudi Cable Co will be based on a share price of SAR 25.55, while trading activities will be suspended on the firm’s stock as of Monday until Wednesday, 5 September.
In July, Saudi Cable Company stated that its accumulated losses reached SAR 293.5 million, making up 72.6% of the company’s capital.
The Tadawul-listed firm turned to loss after suffering SAR 97.24 million in the second quarter of 2018, against posting a net profit of SAR 39.38 million during the year-ago period.