Saudi Cable finds evidence of suspected violations by former executive managements

20/03/2024 Argaam
Logo ofSaudi Cable Co.

Logo of Saudi Cable Co.

Saudi Cable Co. found evidence of suspected violations following the appointment of a special committee to investigate the practices of some of the previous executive managements.

 

The evidence was found after months of comprehensive internal investigations, and the results were submitted to legal advisors.

 

In accordance with the board's decision today, March 20, on referring the results of these investigations to the Capital Market Authority (CMA) and other competent bodies, Saudi Cable said the required measures will be taken in coordination with the trustee of the financial restructuring procedure (FRP).

 

The company called on the concerned shareholders to obtain data from trusted sources, noting that it will duly disclose any related material developments whenever necessary in accordance with the requirements of the relevant CMA laws and regulations.

 

Trading was resumed on the stock today after being halted in May 2022.

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