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

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.