Riyadh – Mubasher: Saudi Cable Company (SCC) announced that its rights issue shares were oversubscribed by 357%.

The sale included 10.56 million shares at an average price of SAR 12.88 per share, the company said in a bourse filing on Sunday.

Total proceeds of selling unsubscribed shares amounted to SAR 136.1 million, while net compensation for holders of the rights issue and fractional shares reached SAR 30.5 million.

The new shares will be deposited into shareholders’ accounts on 2 February.

Previously, the Saudi firm announced the subscription into 14.44 million shares out of total 25 million shares offered for subscription.

Earlier in January, the company’s extraordinary general meeting (EGM) approved the board’s proposal to increase its capital to SAR 360.61 million from SAR 110.61 million.