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Saudi Cable’s board proposes capital raise via priority rights issue

Saudi Cable’s board proposes capital raise via priority rights issue
The increase is needed to restructure the company’s capital
SAUDI CABLE
2110
-6.79% 57.15 -4.17

Riyadh – Mubasher: Saudi Cable Company on Tuesday announced that its board of directors had recommended raising the company’s capital by issuing priority right shares worth SAR 250 million.

The increase is needed to restructure the company’s capital and pump new funds to provide working capital that would enable the Saudi cable manufacturer to increase its operational capacity, according to a statement to the Saudi Stock Exchange (Tadawul).

The eligibility of priority rights issue shall be for the shareholders owning shares on the extraordinary general meeting (OGM) date and as per the registered shareholders in the register of the Securities Depository Center Company at the end of the second trading day following the EGM date.

The rights offering still awaits the approvals of the relevant regulatory bodies and the company’s EGM.