Saudi Cable says OTC request made due to trading halt

24/08/2023 Argaam

Saudi Cable says OTC request made due to trading halt

Logo of Saudi Cable Co. 

Saudi Cable Co. announced that the request for the approval of the Saudi Exchange (Tadawul) to trade its shares over-the-counter (OTC) was made due to the trading halt placed on its shares, according to a Tadawul statement. 

 

A trading halt was placed on Saudi Cable’s stock, as the company was unable to disclose financial statements for 2022, as well as Q1 and Q2 2023, the statement added. 

 

Saudi Cable indicated that the decision aims to maintain the shareholders’ interests and will do its best to resume trading. 

 

Trading will restart upon disclosing the delayed financial statements. 

 

Tadawul approved, on Aug. 23, OTC trading of Saudi Cable’s shares starting Aug. 24. 

 

The cable manufacturer announced, on June 7, that Riyadh Commercial Court approved its request to start financial restructuring procedures, as accumulated loss reached more than 50% of capital. 

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