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Saudi Cable Company announces the cancellation of the company’s lawyer’s contract
| Element List | Explanation |
|---|---|
| Announcement Detail | Saudi Cable Company announces the cancellation of legal consultation contract with the company’s lawyer (Dr. Wael Bafaqih & Partners Company), for the following reasons: 1- The company’s lawyer's requesting in writing to grant him 18% of the company’s total current shares by holding a special extraordinary general assembly to vote on increasing the capital by granting him 1,220,000 shares based on converting his alleged debt into shares at a price of (16 riyals per share), alleging that there is a contract signed with the company represented by the former CEO, Mr. Nael Fayez, granting him this right. By reviewing the aforementioned contract, the company’s management found that it was agreed with the lawyer’s office and the company, represented by the former CEO, Mr. Nael Fayez, to grant the company’s lawyer 2.5% of the total claims of the creditors who were identified during the financial restructuring procedures (FRP) carried out by the company and the FRP trustee, and after referring to the ruling issued by the Commercial Court in Jeddah, Fourth Circuit, in Case No. 103, dated 6/8/1444, it turns out that the ruling stipulates that the one who listed the creditors and submitted them to the court is the FRP trustee not the company’s lawyer, as stated in the ruling: (The circuit ruled to approval of the list of claims included in Application No. 131 submitted by the procedure trustee, Walid Muhammad Subhi, in the bankruptcy case (103 of the year 1444 AH) according to the reasons included). 2- The company’s lawyer made legal recommendations that he included in the financial restructuring plan against the interests of the company’s shareholders, based on an agreement with the previous executive management. These unfair recommendations may cause the shareholders huge losses if they are implemented. Accordingly, the company terminated the proxy granted to the company’s lawyer (Dr. Wael Bafakih Legal Consultations Company), and canceled the contract signed with him. The company confirms that it will take the necessary legal measures in accordance with the applicable regulations, which protect the rights of the company and the interests of its shareholders. |
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 136.8
Net Change -0.5 (-0.36%)
Value Traded (Sar) 1,055,875.9
Volume Traded 7,680
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