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Saudi Cable gains on “significant progress” for capital hike

With a one per cent day gain, the Saudi Arabian Tadawul All-Share Index quit Wednesday trading on July 2. Market bellwether SABIC was one of the most liquid shares and edged up by 0.76 per cent to reach SAR116.

Saudi Cable Company soared 1.85 per cent, finishing the session at SAR12.65. Earlier in the day, Saudi Cable said it has made “significant progress” in the restructuring of its obligations with its lenders. “It is now in the process of finalizing the draft documentation in relation to the restructuring. On completion of the financial restructuring and after meeting the necessary requirements of Capital Market Authority (CMA) and the other related authorities the Company will initiate the process of applying to the CMA for the capital increase through a Rights Issue. “Note that it is expected to be completed finalizing the draft documentation in relation to the restructuring on September 30 2014,” the statement to the Saudi Stock  Exchange reads.