Saudi Cable Company to Divest from All Turkish Investments

Saudi Cable Company announced on Tuesday that, following a thorough review of the company’s plans and business strategy and extensive discussions, the board of directors has decided to divest from its investments in Turkey. This decision entails disposing of these investments through sale or any other means permitted by Turkish law. The company cited the underperformance of these investments, resulting in continued losses over the past years, despite efforts by successive administrations to address the issues. Local and international legal advisors further supported the decision to exit.

The approval of this decision by the Board of Directors is contingent upon obtaining necessary approvals. Notably, the company has fully provisioned against the value of the investment and its related balances in the consolidated financial statements for the period ending December 31, 2022. The financial impact of the divestment will be reflected in the company’s consolidated financial statements in the forthcoming periods, following the completion of the exiting procedures.