The accumulated losses of Saudi Cable Company plunged by 69.40% to SAR 59.81 million as of 31 July 2022, accounting for 89.60% of the recently reduced capital.

The lower accumulated losses followed a 74.60% capital cut to SAR 66.72 million from SAR 262.31 million, according to a bourse filing.

In July 2022, the shareholders of Saudi Cable greenlighted the reduction to offset accumulated losses worth SAR 195.58 million, which were registered as of 31 March 2022.

It is worth noting that the firm’s accumulated losses amounted to SAR 255.39 million as of 25 July 2022, which represented 97.40% of the capital prior to the decrease.

Last June, the company’s board suggested a 599% capital raise to SAR 466.72 million from SAR 66.72 million through the offering of 40 million shares as a rights issue.

Meanwhile, the hike aims to strengthen Saudi Cable’s working capital, enhance operational capacity, and boost its future activities.