Saudi Cable submits request to open financial restructuring procedure

Saudi Cable Company announced on Sunday its application for the opening of the financial restructuring procedure at the competent authority on 12/11/2022. This action is part of the Company’s efforts, which seeks primarily to maintain its continuity and confirm the preservation of shareholders’ and creditors’ rights.
The company wishes to confirm that the file of the financial restructuring procedure is under review and scrutiny with the competent court to complete the legal procedure.
The Company confirmed that it continues to implement the rescue plan and financial restructuring established by the executive management and its Board of Directors which set the continuity of the Company and the preservation of the rights of shareholders their top priority.
The External Auditor’s opinion on the preliminary financial statements of the third quarter reported will be a major supporter of the implementation of the rescue plan and financial restructuring.