News & Announcements

SAUDI CABLE

09 May, 2024 08:04

Saudi Cable Company announces the Board's Recommendation to Increase the Capital by Offering Right Issues

Element List	Explanation
Introduction	Saudi Cable Company announces that the Board of Directors decided, by passing on Wednesday 29/10/1445 corresponding to 08/05/2024, to recommend to the Extraordinary General Assembly to Increase the Capital by Offering Right Issue
Date of Board Meeting	2024-05-08 Corresponding to 1445-10-29
Target Amount	400,000,000 SAR (Four hundred million Saudi Riyals)
Reasons for the increase	Capital restructuring and injecting new funds to provide working capital so that the company can increase operational capacity and support its future activity, as part of the proposed financial regulation plan.
Eligibility date	Shareholders holding shares on the date of the Extraordinary General Assembly meeting in which capital increase through the issuance of right issues was resolved whose names so appear in the register of the Issuer’s Shareholders at the Depository Center at the end of the second trading day following the date of the General Assembly’s Meeting.
Approvals	Capital increase is subject to Capital Market Authority, and other regulatory authorities’ approvals in addition to Extraordinary General Assembly approval.
Appointment of Financial Advisor and Submission of the Capital Increase Application File to CMA	The announcement will be made upon appointing a financial advisor and an underwriter for the offering, as well as upon submitting the request for capital increase to the Capital Market Authority for approval and any future development.

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