Saudi Cable shareholders to vote on FRP on July 4

Logo of Saudi Cable Co.

Saudi Cable Co. announced that the Fourth Commercial Circuit in Jeddah decided to accept the deposit of its financial reorganization proposal (FRP), submitted by the procedure trustee, Walid Sobhi.

In a statement to Tadawul today, May 16, the company said the FRP will be voted on by shareholders on June 4.

The vote will be supervised by the FRP trustee appointed by the Fifth Circuit of Appeals at the Commercial Court in Riyadh, Walid Sobhi, and in accordance with Article (46) of the Executive Regulations of the Bankruptcy Law.

This came in order to preserve the company’s interests and the rights of creditors and shareholders alike, in compliance with the principles of transparency and disclosure in line with the applicable regulations.

The company’s management will file an objection to the Court of Appeals with the initial ruling issued by the Commercial Court in Jeddah during the statutory period for reasons that the company’s management believes to be essential.

Saudi Cable added that it objects to the content of the proposal that was submitted by the previous executive management to the FRP trustee without a decision to approve it from the previous and current boards of directors as the company’s management believes that it contains a defect in terms of the procedural form and content of the proposal.

The company will duly notify its creditors and shareholders of any developments in this regard.