Saudi Cable Company announces the latest updates regarding the previous Company announcement regarding invite shareholders to attend the voting meeting on the financial restructuring proposal
| Element List | Explanation |
|---|---|
| Introduction | Referring to the previous announcement from the Saudi Cable Company on 08/11/1445 corresponding to 16/05/2024 regarding invite shareholders to attend the voting meeting on the financial restructuring proposal, Saudi Cable Company would like to announce to its shareholders in commitment to protecting the rights of creditors and shareholders alike and giving them the full right to vote on the financial restructuring proposal based on correct, clear, and accurate information, and in accordance with standards of transparency and disclosure that guarantees them their legal rights, the company submitted a statement of objection to the ruling issued by the Fourth Commercial Circuit of the Commercial Court in Jeddah in Bankruptcy Case No. (103 of 1444). The appeal was registered as No. (96) on 11/20/1445, corresponding to 05/28/2024.
The company confirms its keenness to have shareholders vote at the time on the financial restructuring proposal, which approved by the Board of Directors in accordance with what is stipulated in the Companies Law, the company’s bylaws, the bankruptcy law, and its implementing regulations, free of any significant impact on the interests of shareholders, guaranteeing the rights of creditors, and without ignorance, deception or injustice. The company would also like to clarify to creditors and shareholders that its submitted objection may result in postponement of the date of the voting session announced in the previous announcement referred to above. |
| Previous Announcement | The previous Company announcement regarding invite shareholders to attend the voting meeting on the financial restructuring proposal |
| Date of Previous Announcement on Saudi Exchange’s Website | 2024-05-16 Corresponding to 1445-11-08 |
| Hyperlink to the Previous Announcement on the Saudi Exchange Website | Click Here |
| Latest Developments Of The Announced Event | Saudi Cable Company would like to announce to its shareholders in commitment to protecting the rights of creditors and shareholders alike and giving them the full right to vote on the financial restructuring proposal based on correct, clear, and accurate information, and in accordance with standards of transparency and disclosure that guarantees them their legal rights, the company submitted a statement of objection to the ruling issued by the Fourth Commercial Circuit of the Commercial Court in Jeddah in Bankruptcy Case No. (103 of 1444). The appeal was registered as No. (96) on 11/20/1445, corresponding to 05/28/2024.
The company confirms its keenness to have shareholders vote at the time on the financial restructuring proposal, which approved by the Board of Directors in accordance with what is stipulated in the Companies Law, the company’s bylaws, the bankruptcy law, and its implementing regulations, free of any significant impact on the interests of shareholders, guaranteeing the rights of creditors, and without ignorance, deception or injustice. The company would also like to clarify to creditors and shareholders that its submitted objection may result in postponement of the date of the voting session announced in the previous announcement referred to above. |
| The costs associated with the event, and if they have changed or not with indication of the reasons. | There are no costs associated with the event at the moment, the financial impact will be disclosed later if it exists. |
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