Saudi Cable Company Announces the Decision of Its Board of Directors to Exit Its Investment in Turkey

-0.80 %
1445/08/24     05/03/2024 08:46:37

Element ListExplanation
Announcement Detail Saudi Cable Company announces that within the framework of reviewing the company's plans and business strategy and after discussions and preparation of the necessary studies, the company’s board of directors issued on Sunday 22/08/1445 corresponding to 03/03/2024 a decision to exit of its investments in Turkey, by disposing of them by sale or in any other way as permitted by Turkish law. As these companies did not achieve the desired returns and continued to achieve losses during the past years despite the solutions and treatments carried out by successive administrations to no avail and strengthening the opinion of local and international legal advisors to support the exiting decision.

Considering that the Board of Directors’ approval of this decision is conditional on obtaining necessary approvals.

It is worth noting that the company has taken the full provisions against the value of the investment and its related balances in the consolidated financial statements for the period ending on December 31, 2022.

The financial impact will be shown after the completion of the exiting procedures in the consolidated financial statements of the company during the coming periods.

The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.

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Last Price 74.4
Net Change -0.6 (-0.8%)
Value Traded (Sar) 24,365,892.7
Volume Traded 323,103
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