Saudi Cable gets shareholders’ nod for 75% capital cut to reduce losses

The purpose of the capital reduction is to restructure the company’s capital and reduce its accumulated losses. (Shutterstock)

RIYADH: Saudi Cable Co. received its shareholders' approval to reduce the company’s capital by 74.6 percent.

The provider of energy and telecoms cables will reduce its capital to SR67 million ($18 million) from SR262 million, a bourse filing shows.

The purpose of the capital reduction is to restructure the company’s capital and reduce its accumulated losses, the company said.