Commercial Court rejects Saudi Cable's request to delay voting on FRP

Logo of Saudi Cable Co.

Saudi Cable Co. announced that the Jeddah Commercial Court rejected its request to postpone the date of shareholder voting on the financial restructuring proposal (FRP), mandating adherence to the previously announced voting dates of June 4 for shareholders and June 6 for creditors, according to a Tadawul filing today, June 5.

The company's board of directors decided on June 2 to postpone shareholder voting on the FRP, which was previously scheduled on June 4, until the Court of Appeal decides on the company’s objection to the proposal.

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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, Argaam earlier reported.

The company also noted that no costs were incurred as a result of the event thus far, adding that the related financial impact will be disclosed later, if any.