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Saudi Cable Company Announces the Latest Developments in the company's previous announcement of cancellation of the decision of the Financial Restructuring Trustee to submit the Financial Restructuring Proposal
| Element List | Explanation |
|---|---|
| Previous Announcement | The company's previous announcement of cancellation of the decision of the Financial Restructuring Trustee to submit the Financial Restructuring Proposal |
| Date of Previous Announcement on Saudi Exchange’s Website | 2024-06-09 Corresponding to 1445-12-03 |
| Hyperlink to the Previous Announcement on the Saudi Exchange Website | Click Here |
| Latest Developments Of The Announced Event | Referring to the company's previous announcement on Tadawul website on 03/12/1445 corresponding to 09/06/2024 about Cancellation of the decision of the Financial Restructuring Trustee Mr. Walid bin Mohammed Subhi, regarding the submitting the financial restructuring proposal, which the court ruled as follows: 1. Cancellation of the decision of the Financial Restructuring Trustee, Mr. Walid bin Muhammad Subhi, to submit the financial restructuring 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 financial restructuring proposal submitted by the procedure trustee, Mr. Walid Subhi. 3. The Company must prepare the alternative proposal within 22 days from the date of issuance of this decision corresponding to 12/03/1445 AH corresponding to 09/06/2024 AD. Accordingly, the company will prepare an alternative proposal within 22 days and submit it to the esteemed department. The company's management is pleased to announce to its shareholders the issuance of a ruling by the Fifth Appeals Chamber of the Commercial Court in Riyadh on 05/09/1446 AH corresponding to 05/03/2025 AD, not to accept the appeals submitted by some creditors included in the previous list before the court withdrew them, and from the previous Financial Restructuring Trustee, Mr. Walid Sobhi, and the previous CEO, Mr. Nael Fayez. The objectors submitted objections that included applications to overturn the judgment of the Bankruptcy Chamber of the Fourth Commercial Court in Jeddah, described above. Their objections were submitted during the month of June 2024, and the objections were registered on 09/02/1446 AH corresponding to 13/08/2024 AD and referred to the Fifth Appeals Chamber of the Commercial Court in Riyadh on 07/08/1446 AH corresponding to 06/02/2025 AD. The judgment instrument was received on 18/10/1446 AH corresponding to 16/04/2025 AD. |
| The costs associated with the event, and if they have changed or not with indication of the reasons. | There are no costs associated with the event now, the financial impact will be disclosed later if it exists. |
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 145.4
Net Change 2.8 (+1.96%)
Value Traded (Sar) 21,617,008.8
Volume Traded 151,188
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