Savola, SCC to Hike Capital

RIYADH, 10 October 2005 — Saudi Arabia’s stock market regulator has approved requests by food group Savola and Saudi Cable Company (SCC) to raise their paid-up capital through rights issues. In statements released after the close of trade on Wednesday night, the CMA said it approved Savola’s request to raise its capital to SR1.8 billion ($480 million) from SR1.5 billion. The company will offer 6 million new shares at SR400 each to existing shareholders, made up of a nominal issue value of SR50 and a premium of SR350. The CMA also approved Saudi Cable’s request to raise its capital to SR850 million from SR640 million. The company plans to offer 4.2 million shares at SR50 each to its shareholders.