RIYADH: Saudi Cable Co.’s board recommended slashing the company’s capital by 89.5 percent as part of a restructuring to reduce losses.
The provider of energy and telecoms cables’ capital will be reduced from SR66.7 million ($18 million) to SR7 million, according to a bourse filing.
After the completion of the capital reduction process, the company plans to increase its capital by 4,000 percent to SR287 million to secure working capital that will increase operational capacity and support future activities.
Following the request, the trading of the company was suspended in the Saudi exchange.