Middle East Specialized Cables Co. (MESC) submitted on Monday its request to reduce capital to the Saudi Capital Market Authority (CMA), the company said in a statement on Tadawul.

 

The company will disclose any development in its due time.

 

MESC’s board amended its capital cut recommendation to SAR 400 million from SAR 600 million, after recommending a 33.4 percent capital reduction to SAR 399.64 million from SAR 600 million to offset accumulated losses.

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