Riyadh – Mubasher: Saudi Cable Company has released the prospectus of its capital hike through the issuance of pre-emptive rights worth SAR 250 million.

The offering price is set at SAR 10 per share in order to increase the capital to SAR 360.61 million from SAR 110.61 million through the issuance of 25 million shares, according to a statement to the Saudi Stock Exchange (Tadawul) on Thursday.

The rights issue proceeds will be used in several projects after deducting the offering’s costs. This includes increasing the productivity of Aluminum cables, energy cables, production lines, and accessories manufacturing.

Earlier in December, the Saudi Capital Market Authority (CMA) approved Saudi Cables’ request to increase the capital by SAR 250 million through pre-emptive rights.