Saudi Cable Rejects Debt Conversion Agreement with Al Rajhi Bank in Favor of Tathmeer

Saudi Cable Company announced the results of its Extraordinary General Assembly (First Meeting), where the voting results were as follows:

1. The Board of Directors’ report for the financial year ending 31 December 2024 was reviewed and discussed.
2. The financial statements for the fiscal year ending 31 December 2024 were reviewed and discussed.
3. Approval of the company’s auditor’s report for the financial year ending 31 December 2024, after discussion, with 98.96% approval.
4. Approval of business and contracts concluded in 2024 between the company and Midal Cables Company, in which board members have an indirect interest as members of the Board of Directors of Midal Cables, including a single raw materials procurement contract valued at SAR 320,676.82, with no preferential terms or benefits, receiving 93.59% approval.
5. Approval of the amendment to the Working Regulation of the Nominations and Remunerations Committee, with 97.42% approval.
6. Approval of the appointment of Messrs. Al-Kharashi & Partners, Certified Accountants and Auditors, as the company’s auditors from among the candidates recommended by the Audit Committee. They will examine, review, and audit the financial statements for the second and third quarters, as well as the annual financial statements for FY 2025 and the first quarter of FY 2026. Their fees were set at SAR 943,000 (including VAT), with 97.87% approval.
7. Rejection of the rights transfer agreement (debt assignment) between Tathmeer Company, Al Rajhi Bank, and Saudi Cable Company, with 92.98% disapproval.
8. Rejection of the agreement to capitalize Al Rajhi Bank’s debt and convert it into equity shares for the benefit of Tathmeer Company, with 92.95% disapproval.