Saudi Cable board delays vote on FRP

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Saudi Cable Co.’s board of directors decided to postpone shareholders’ voting on the financial restructuring proposal (FRP), which was scheduled to June 4, until the Court of Appeal decides on the company’s objection to the proposal.

 

The decision was based on the recommendation of the financial restructuring trustee, according to a statement to Tadawul.

 

The company will announce the new voting date after the Appeal Court ruling is issued, the statement added.

 

Saudi Cable announced in May that the Fourth Commercial Circuit in Jeddah decided to accept the deposit of its FRP, submitted by the procedure trustee, Walid Sobhi. The proposal was previously set to be voted on by shareholders on June 4, Argaam earlier reported.

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