(MENAFN) The Saudi Cable Co. proclaimed that its accumulated losses surpassed SAR121mn by the end of July this year, making more than 29.94 percent of the firm's capital.
Furthermore, losses are attributed to operational losses, which are based on the Saudi Org for Certified Public Accountants' standards.
In addition, the procedures and instructions issued by the Saudi Capital Market Authority linked to listed firms of which collected losses have reached 20 percent or more will be implemented.
Last month, the Saudi Cables' extraordinary general meeting confirmed the boards" recommendation to cut its capital by 46.83 percent to SAR404.11mn.
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