Saudi Cable says appeal hearing for financial reorganization postponed

Logo of Saudi Cable Co.

Saudi Cable Co. said that the appeal hearing for the opening of the financial reorganization procedure at Riyadh Commercial Court was postponed.

In a statement to Tadawul, the company added that the new hearing date will be announced once determined.

There are no costs associated with the event at the moment and the financial impact, if any, will be disclosed later.

The cable manufacturer continues to implement the recovery plan and the financial restructuring developed by the board of directors and executive management to ensure the continuity of the company and its business for the benefit of shareholders.

In March, the court issued a preliminary ruling, rejecting the request to open the company's financial reorganization procedure, according to data available with Argaam.

Later, the Saudi-listed firm appealed the court ruling, which was registered on March 28.