Saudi Cable says court issues favorable preliminary judgment, terminates contract with Al-Nawasi General

Logo of Saudi Cable Co.

Saudi Cable Co. announced that a preliminary judgment was issued by the Commercial Court in Jeddah, on Jan. 31, in its favor, terminating the contract concluded with Al-Nawasi General Trading & Contracting Co. and enforcing it to repay SAR 6 million and return eight promissory notes in Al-Nawasi’s possession.

Any further development will be announced in due course.

On May 5, Saudi Cable announced the purchase of SAR 200 million worth of new cars on credit from NTC Co. to resell them and finance working capital.

In August, it was announced that the contract signed with NTC Co. was not implemented due to the failure of the latter to fulfill the contract requirements on the agreed dates.

Thus, Saudi Cable submitted a request, on June 27, for the implementation of an order for the return of advance payment, resulting in the services of NTC Co. being suspended.