Saudi Cable says FRP filed with Jeddah Commercial Court

Logo of Saudi Cable Co.

Saudi Cable Co. received today, July 8, a letter from the financial restructuring proposal (FRP) trustee, confirming that it submitted the FRP with Jeddah Commercial Court.

Any material developments will be announced in due course, the company said in a statement to Tadawul, adding that there are no costs associated with the event currently.

For more news on listed companies

The relevant financial impact, if any, will be disclosed later, according to the statement.

Last June, Saudi Cable said the Jeddah Commercial Court decided to cancel the request by the procedure trustee, Walid Sobhi, to submit the FRP to the court. The court hearing also concluded Saudi Cable must prepare the alternative proposal within 22 days from the date of issuance of this decision and submit it to the respective department, according to data available with Argaam.

On June 29, the company said the final revised FRP was delivered to the procedure trustee, accompanied by complete supporting documents, to ensure accurate information and facilitate fair voting for both creditors and shareholders.