Saudi Cable announces reduction in accumulated losses by 69.4% as result of capital reduction

Saudi Cable Company announced on Thursday a reduction in its accumulated losses by (69.4%) as a result of the capital reduction, which is equivalent to 89.6% of its capital after the reduction, by SR195,582,000.
The company said on Tadawul that according to the company’s restructuring plan for capital and accumulated losses, the company has reduced the capital from SR262,311,060 to SR66,792,060 based on the approval of the Extraordinary General Assembly held on Monday 25/07/2022. Accordingly, the accumulated losses as of 31 March 2022 of SR195,582,000 amortized of losses by 74% of the capital at that time (SR262,311,060), to become SR59,814,904 at 89.6% of the current capital (SR66,792,060).
The auditor’s report indicated that on the date of the extraordinary general assembly’s decision corresponding to July 25, 2022, the company’s losses amounted to SR255,397,904, or 97.4% of the capital before amortization, to become SR59,814,904, or 89.6% of the capital after amortization.
This comes with reference to the announcement of Saudi Cable Company on Tadawul website on 26/07/2022, regarding to results of the Extraordinary General Assembly Meeting, which included the approval of the capital reduction of the company (Third Meeting).