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Saudi Cable Company Announces the Filing of a Lawsuit Against Tathmeer Investment Company
| Element List | Explanation |
|---|---|
| Lawsuit Opponent | Tathmeer Investment Company |
| Name of the Plaintiff | Saudi Cable Company |
| Type of the Lawsuit | Annulment of the Hawala Agreement (Debt Transfer) between Tathmeer, Al Rajhi Bank and Saudi Cable Company |
| Name and Location of the Competent Judicial Authority | Commercial Court in Jeddah |
| Date of Submitting the Lawsuit | 2026-02-02 Corresponding to 1447-08-14 |
| Summery of the Lawsuit and its Reasons | Tathmeer Company purchased an outstanding debt owed by the Saudi Cable Company in favor of Al-Rajhi Bank, amounting to (232,773,563) Two Hundred and Thirty-Two Million, Seven Hundred and Seventy-Three Thousand Five Hundred and Sixty-Three Riyals, after obtaining a discount of (77,773,563) Seventy-Seven Million, Seven Hundred and Seventy-Three Thousand, Five Hundred and Sixty-Three Riyals, from the principal of the debt from Al-Rajhi Bank. Then, Tathmeer Company asked the Saudi Cable Company to transfer the full amount of (232,773,563) Two Hundred and Thirty-Two Million Seven Hundred and Seventy-Three Thousand Five Hundred and Sixty-Three Riyals into shares with a nominal value (ten Riyals) based on an agreement signed between the two parties. The reasons for the company's filing of the lawsuit are that the agreement contained a number of formal and substantive violations, and that it was signed by someone who had no capacity to represent the company by signing at that time, and then the Extraordinary General Assembly "the person with authority" rejected the agreement in the meeting held on 22/06/2025. |
| Expected Financial Impact Including the Claimed Sums, Fees and any other Charges | The potential financial impact cannot be assessed, and the Company will disclose any material developments related to this case as they arise. |
| Any Substantial Legal, Regulatory, or Operational Risks that may Result from the Lawsuit, including the Results of such Impact on the Company's Financial, Legal or Operational Standing | At this stage, the legal implications and potential risks associated with this case cannot be assessed. The Company will announce any material developments related to the matter as they become available. |
| Measures Taken by the Company, including the Estimation of the Potential Liability Resulting from the Lawsuit | At this stage, it is not possible to estimate any potential liability that may arise from the lawsuit until court proceedings commence. The Company will disclose any material developments related to this matter as they occur. |
| Additional Information | The date of the judicial hearing was set for 7 Ramadan 1447 AH. The Company would like to make it clear to its valued shareholders that in the event of the rejection of the lawsuit by a final ruling, the matter will remain as it is, and the Company would like to note that if the lawsuit is accepted by a final ruling, the situation will return to the way it was before the signing of the agreement. |
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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