Tadawul approves OTC trading of Saudi Cable shares

23/08/2023 Argaam
Logo ofSaudi Cable Co.

Logo of Saudi Cable Co. 

The Saudi Exchange (Tadawul) approved today, Aug. 23, over-the-counter (OTC) trading of Saudi Cable Co.’s shares starting Aug. 24.

 

This came as per the procedures for trading shares of suspended OTC companies, approved by the Capital Market Authority (CMA), Tadawul said in a statement today.

 

Saudi Cable announced, on June 7, that Riyadh Commercial Court approved its request to start financial restructuring procedures, as accumulated loss reached more than 50% of capital.

 

The move will help the company fulfill creditor rights and ensure the continuity of its business, CEO Nael Fayez earlier told Argaam, indicating that SAR 400-500 million worth of debt balance was filed to the court.

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