Saudi Cable Company has underscored its unwavering commitment to safeguarding the interests of both creditors and shareholders, ensuring their full right to vote on the financial restructuring proposal with access to accurate and transparent information. In alignment with principles of transparency and disclosure, the company has lodged an objection to the ruling issued by the Fourth Commercial Circuit of the Commercial Court in Jeddah, pertaining to Bankruptcy Case No. (103 of 1444). The appeal, officially registered as No. (96) on 28.05.2024, reflects the company’s dedication to upholding legal rights and procedural fairness.
Emphasizing its dedication to facilitating shareholder participation in the voting process for the financial restructuring proposal, which was endorsed by the Board of Directors in accordance with relevant legal frameworks, including the Companies Law, the company’s bylaws, and bankruptcy regulations, the company assures stakeholders that the proposal aims to safeguard shareholder interests and creditor rights. Importantly, the company clarifies that its objection may necessitate a postponement of the previously announced voting session, as detailed in the prior announcement issued by the Saudi Cable Company on 08/11/1445 corresponding to 16/05/2024, inviting shareholders to attend the voting meeting on the financial restructuring proposal.
