Middle East Specialized Cables Co (MESC) announces that its accumulated losses reach to 29% of its Share Capital, where accumulated losses was SR 175 million as of 31/12/2016 and the company’s share capital is SR 600 million.
The main reason for these accumulated losses is related to the company’s share losses from the Jordanian subsidiaries over the previous years.
Due to the above, the procedures of Article 3 (When Accumulated Losses of a Company Reach 20% or more and less than 35% of its Share Capital) of (Procedures and Instructions Related to Listed Companies with Accumulated Losses Reaching 20% Or More of Their Share Capital) will be applied from 22nd April 2017 based on Board of the Capital Market Authority Resolution Number 1-130-2016
Dated 23/1/1438H Corresponding to 24/10/2016G