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Saudi Cable Company announces the verdict of the Appeal Court in the case for opening the “Financial Restructuring Procedure”.
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| Announcement Detail | Saudi Cable Company would like to inform its shareholders that it attended the fourth appeal session at the Fifth Appeals Circuit in Riyadh Commercial Court regarding its request to begin the “Financial Restructuring Procedure” which was held today Wednesday 18/11/1444 AH corresponding to 07/06/2023 AD. The Court ruling stated the following: 1. Overturn the judgment issued by the Fourth Circuit in the Commercial Court in Jeddah. 2. Approve the opening of the “Financial Restructuring Procedure" for the company. 3. The appointment of Mr. Walid M. Subhi as the Trustee for the “Financial Restructuring Procedure”. 4. The company has 180 days to submit the FRP Proposal. The activation of the “Financial Restructuring Procedure” is an important pivotal point for the company to return to its position as a contributor to the development of the KSA and the achievement of Vision 2030 goals. The Company confirms that it is continuing the implementation of the transformation and financial restructuring plans set by the Board of Directors and Executive Management to ensure its continuity to the benefit of the 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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Company Performance
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Last Price 74.6
Net Change -1.6 (-2.1%)
Value Traded (Sar) 17,584,392.2
Volume Traded 233,592
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