PHOTO
Saudi Cable Company confirmed on Tuesday that its accumulated losses have reached 63.01 percent of its capital.
In a statement to the Saudi Stock Exchange (Tadawul), the provider of energy and telecommunication cables also said it is now taking the required “legal procedures” due to the mounting losses.
The company has yet to disclose to the bourse its latest full financial results, but said the losses are partly due to lower income and rising finance cost.
An extraordinary general assembly will be held on Wednesday, February 9, to address the financial losses.
The company had reported accumulated losses of 164 million riyals ($43.7 million) as of September 2021, representing 45.5 percent of the capital. Losses for the third quarter reached 46.6 million riyals.
(Writing by Cleofe Maceda; editing by Seban Scaria )
Disclaimer: This article is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Read our full disclaimer policy here.
© ZAWYA 2022
