Saudi Cable to discuss 2022 financials, FRP updates on Dec. 7

03/12/2023 Argaam

Saudi Cable to discuss 2022 financials, FRP updates on Dec. 7

Logo of Saudi Cable Co.

Saudi Cable Co. scheduled an online shareholder meeting on Dec. 7, 2023, to discuss the company's financial results for the year ending Dec. 31, 2022, status, and updates on the financial restructuring procedure (FRP).

 

The company’s CEO, Nael Fayez, will respond to shareholder inquiries, according to a statement to Tadawul.

 

In June last year, Saudi Cable reported a court ruling reversing the Fourth Circuit of the Jeddah Commercial Court's decision, allowing financial reorganization.

 

In March 2023, an initial ruling denied this request. The company appealed on March 28, 2023. Recently, the reorganization trustee sought to extend the claims suspension, due to end on Dec. 4, 2023, by 180 days, according to data compiled by Argaam.

 

Saudi Cable's losses rose to SAR 582.6 million in 2022, up from SAR 194.3 million in 2021.

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