Riyadh - Mubasher: Saudi Cable Company appointed NCB Capital as the financial advisor to manage its capital reduction, according to a bourse filing on Thursday.

Earlier, the company’s board had recommended a capital decrease to SAR 259 million from SAR 760 million, through reducing two shares per three ordinary shares (2:3).

Moreover, Saudi Cable had signed a debt reduction agreement on Wednesday with a lender for a loan amounting to SAR 141.99 million.

The Saudi-listed firm achieved net profits of SAR 11.5 million in March versus losses of SAR 11.4 million in February.