Saudi Cable Company announces a decrease in its accumulated losses by (69.4%) as a result of the capital reduction. This is equivalent to 89.6% of its capital after the reduction.

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IntroductionWith reference to the announcement of Saudi Cable Company on Tadawul website on 27/12/1443 H corresponding to 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), Saudi Cable Company announces the reduction of its accumulated losses to 89.6%.
Date of accumulated losses decrease2022-07-25 Corresponding to 1443-12-26
Amount of the Accumulated LossesSaudi Riyals 195,582,000
Measures Taken by the Company to Decrease Accumulated LossesAccording to the company’s restructuring plan for capital and accumulated losses, the company has reduced the capital from SAR 262,311,060 to SAR 66,792,060 based on the approval of the Extraordinary General Assembly held on Monday 26/12/1443H corresponding to 25/07/2022. Accordingly, the accumulated losses as at 31 March 2022 of SAR 195,582,000 amortized of losses by 74% of the capital at that time (SAR 262,311,060), to become SAR 59,814,904 at 89.6% of the current capital (SAR 66,792,060).
Auditor’s Report showing the Financial Position of the Company after the Decrease of the Accumulated Losses
Additional InformationThe company’s capital decreased from SAR 262,311,060 to SAR 66,729,060 with a decrease in accumulated losses from SAR 195,582,000 to SAR 59,814,904 as at 31 July 2022. The Auditor’s report also indicated that on the date of the Extraordinary General Assembly Resolution corresponding to July 25, 2022, the company’s losses amounted to SAR 255,397,904 at 97.4% of capital before amortization to become SAR 59,814,904 at 89.6% of capital after reduction.