Riyadh – Mubasher: Middle East Specialized Cables Company (MESC) on Monday announced that its extraordinary general meeting (EGM) haD approved reducing its capital in a bid to offset accumulated losses.

The company will cut its capital by 33.3% to SAR 400 million instead of SAR 600 million after the number of stocks will reach 40 million shares from 60 million shares, according to a filing to the Saudi Stock Exchange (Tadawul).

The fluctuation limits for MESC will be based on a share price of SAR 12.76.

The company noted that the decision has no influence on its performance.

In a separate statement, the Saudi bourse revealed that trading on the company’s stocks will be suspended for two business days starting from Monday 5 November 2018 until the Securities Depository Center Company (Edaa) reflects share reduction on investors’ portfolios.

The suspension of trading will be ended as of Tuesday, 6 November, Tadawul added.

By the end of Sunday’s session, MESC’s stock rose 3.91% at SAR 12.76.