Saudi Cable Company announces of recommendation by the Board of Directors on increase of the Company’s capital through offering of rights issue.
Date of Board Meeting
2021-02-24 Corresponding to 1442-07-12
Target Amount
360,000,000 SAR
Reasons for the increase
Capital restructuring and injection of new funds to provide working capital so that the Company can increase its operational capacity and supports the future activity of the Company.
Eligibility date
The eligibility shall be for Shareholders who own the shares on the convention day of the Extraordinary General Assembly that decided to increase the capital through offering rights issue, and whose names are registered in the Company’s Shareholders Register at the Depository Centre (EDAA) as of the closing of the second trading day after the Extraordinary General Assembly meeting.
Approvals
Approval by official related authorities and the Extraordinary General Assembly.
Appointment of Financial Advisor and Submission of the Capital Increase Application File to CMA
Appointing of FALCOM Financial Services as a Financial Advisor for the offering transaction.
Additional Information
The submission of the application to Capital Market Authority (CMA) for capital increase shall be announced later, further with any future development and update in this regard.
