Saudi Cable says court cancels FRP file by procedure trustee

Logo of Saudi Cable Co.

Saudi Cable Co. announced that, based on its objection to the financial restructuring proposal (FRP) for entailing formal regulatory violations and false financial information, the Fourth Commercial Circut in Jeddah held a court hearing and took several decisions in this regard.

In a Tadawul filing today, June 9, the company said the court ratified cancelling the request by the procedure trustee Walid Sobhi, to submit the FRP to the court.

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The court hearing also concluded that the court retracted its decision issued on 11/06/1445 AH, to accept the deposit of the FRP submitted by the procedure trustee.

In addition, Saudi Cable must prepare the alternative proposal within 22 days from the date of issuance of this decision and submit it to the respective department.

The company underlined that it will duly announce any developments in this regard.

Saudi Cable recently announced that the Commercial Court in Jeddah decided to reject the company's request to postpone the date of its shareholders’ voting on the FRP and to adhere to the previously announced voting date of June 4 for shareholders and June 6 for creditors.

Saudi Cable announced in May that the Fourth Commercial Circuit in Jeddah decided to accept the deposit of its FRP, submitted by the procedure trustee, Walid Sobhi. The proposal was formerly set to be voted on by shareholders on June 4, Argaam earlier reported.

Its board of directors decided on June 2 to postpone shareholders’ voting on the FRP, which had been scheduled on June 4, until the Court of Appeal decides on the company’s objection to the proposal.