Saudi Cable Company announced on Tuesday the completion of depositing SAR 777,418, the proceeds from the sale of 10,247 fractional shares resulting from the company’s capital reduction. The shares were sold at an average price of SAR 76 per share.
The company confirmed that the proceeds have been deposited into the accounts of eligible shareholders today, December 10, 2024, as approved during the Extraordinary General Assembly (third meeting).
Saudi Cable clarified that the delay in depositing the proceeds stemmed from the suspension of its shares from trading, which was lifted on March 21, 2024. Following this, the fractional shares were sold on March 24, 2024. Additional delays occurred due to procedural updates, including updating company data with the financial broker during the election period for a new Board of Directors and changes in the authorized signatory of the Board. These legal and procedural steps postponed the transfer of proceeds into the company’s account.
