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Saudi Cable Company announces the cancellation of the decision of the Financial Regulatory Secretary to submit the financial regulation proposal
| Element List | Explanation |
|---|---|
| Announcement Detail | Referring to the financial reorganization procedure for the Saudi Cable Company, and with reference to the ruling issued by the Commercial Court on 06/11/1445 AH, ruling to accept the proposal’s filing and set a date for the owners and creditors to vote, which the court set on 27/11/1445 AH and 29/11/1445 AH, Respectively, and based on the company’s objection to the financial reorganization proposal due to procedural formal violations and incorrect financial information, the Fourth Circuit of the Commercial Court in Jeddah held a judicial hearing in this regard, which stated: 1- Cancellation of the decision of the Secretary of Financial Regulation, Mr. Walid bin Muhammad Subhi, to submit the financial regulation proposal submitted to the court. 2- The court retracted its decision issued on 11/06/1445 AH, corresponding to and ending in its final statement, to accept the deposit of the proposal for financial reorganization submitted by the procedure secretary, Mr. Walid Subhi. 3- The Company must prepare the alternative proposal within 22 days from the date of issuance of this decision corresponding to today 12/03/1445 AH corresponding to 06/09/2024 AD. Accordingly, the company will prepare an alternative proposal within 22 days and submit it to the esteemed department. Company will announce any developments in this regard. |
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 127.4
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