Saudi Cable says court issues final judgment, orders Al-Nawasi to repay SAR 6 mln

Logo of Saudi Cable Co.

Saudi Cable Co. said that a final judgment was delivered by the Commercial Court in Jeddah, on March 22, in its favor, to terminate the contract concluded with Al-Nawasi General Trading & Contracting Co. (NTC Co.).

Al-Nawasi was ordered by the court to repay Saudi Cable a total amount of SAR 6 million and return eight promissory notes in Al-Nawasi’s possession.

In May 2021, the Tadawul-listed firm announced the purchase of SAR 200 million worth of new cars on credit from NTC Co. to resell them and finance working capital.

In August, it was announced that the NTC Co. failed to fulfill the contract requirements on the agreed dates.

Saudi Cable submitted a request for the performance of the promissory note, related to the advance payment, which resulted in suspending the services of NTC Co.

Last month, the Saudi cable manufacturer said that a preliminary judgment was issued in its favor, terminating the contract with NTC.