Saudi Cable gets shareholders’ nod for 75% capital cut to reduce losses

Follow-ups -eshrag News:

Tue, 2022-07-26 08:37

RIYADH: Saudi Cable Co. received its shareholders’ approval to reduce the company’s capital by 74.6 percent.

The provider of energy and telecoms cables will reduce its capital to SR67 million ($18 million) from SR262 million, a bourse filing shows.

The purpose of the capital reduction is to restructure the company’s capital and reduce its accumulated losses, the company said.

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