Jeddah Court Obliges Al-Nawasi Gulf to Pay SR6 mln to Saudi Cables

The Saudi Cable Company announced on Wednesday the issuance of a final judgment by an executive order from the Commercial Court in Jeddah on Tuesday 22.03.2022, rescinding the contract between the two parties (Saudi Cables and Al-Nawasi Gulf Trading) (regarding the purchase of assets worth SR200 million for the purpose of selling them to finance working capital and obligating the company Al-Nawasi Gulf Trading has to pay “Saudi Cables” an amount of SR6,001,448 (six million, four hundred and forty-eight riyals).

This comes with reference to the Saudi Cable Company previous announcement on 01.02.2022, regarding an update on a transaction of assets purchase; value of SR200 million for the purpose of reselling them to finance the Company’s working capital.