Riyadh – Mubasher: Saudi Cable Company has submitted a request to the Saudi Capital Market Authority (CMA) to reduce the capital by SAR 98.3 million.

The company also submitted on 23 August its request to later increase the capital by SAR 500 million, according to a bourse disclosure on Tuesday.

Saudi Cable aims to raise the capital through a rights issue.

The company noted that any future developments in this regard will be disclosed in due course.

Last July, the board of directors recommended a 27.26% capital reduction to SAR 262.31 million, as well as a capital hike through a rights issue to stand at SAR 762.31 million.