Saudi Cable Board Proposes SAR 400 Million Capital Increase Through Rights Issue

Saudi Cable Company announced that its Board of Directors has recommended a capital increase through a rights issue valued at SAR 400 million. This move aims to restructure the company’s capital, infuse new funds for operational expansion, and support future activities as outlined in the proposed financial restructuring plan.

The rights issue is contingent upon the approval of the Extraordinary General Assembly and is reserved for shareholders registered by the end of the second trading day following the Assembly’s resolution. This is subject to further approvals from the Capital Market Authority and other regulatory bodies.

The company has initiated the process to appoint a financial advisor and will soon submit the capital increase application to the Capital Market Authority. Announcements regarding the appointment of a financial advisor and an underwriter, as well as the submission of the capital increase request, will be made in due course, alongside updates on any significant developments.