Saudi Cable says shareholders’ EGM request ‘unacceptable’

Logo of Saudi Cable Co.

Saudi Cable Co. announced that the request of shareholders, who collectively own more than 5% of the company's capital, to hold an extraordinary general meeting (EGM) is unacceptable, as the statutory requirements are not fulfilled, according to a statement to Tadawul.

The company indicated it received information from its legal advisor, indicating that shareholders' representative, who owns more than 5% of the capital, was not legally authorized by other shareholders.

Last week, the company announced that it will apply for an EGM, based on Article (90) of the Companies Law, and upon a letter from a number of shareholders who collectively own more than 5% of the company's capital, according to Argaam.

The board of directors, in its meeting held on Nov. 1, decided to request the commercial court for approval to open the financial restructuring procedure, according to data available with Argaam.