Saudi Cable lawsuit against Rawafed Almostaqbal remanded to court

Logo of Saudi Cable Co. (SCC)

Saudi Cable Co. announced a judicial ruling regarding its lawsuit against Rawafid Al-Mustaqbal Co. to annul an assignment of rights contract for debt settlement with Rawafed Almostaqbal Co. and Noble Resources International PTE. Ltd.

In a Tadawul statement today, April 23, the company said the third circuit of the Commercial Court of Appeal accepted the appeal on procedural and substantive grounds. It, however, annulled a preliminary ruling by the Fifth Circuit of the Jeddah Commercial Court and remanded the case back to it.

Saudi Cable said the Fifth Circuit issued on Feb. 16, 2026, a preliminary ruling stating it lacked territorial jurisdiction over the case. The company received the ruling instrument on March 2.

The company filed an objection to the preliminary ruling on March 10, 2026, and the Third Appeals Circuit accepted the appeal, canceled the previous ruling, and ordered the case to be reheard by the Jeddah Commercial Court.

Saudi Cable said there are no current costs associated with the case, adding that any financial impact will be disclosed later, if applicable.

According to Argaam data, the company filed the lawsuit in February 2026 before the Jeddah Commercial Court to nullify an assignment-of-rights contract tied to a debt settlement between Saudi Cable, Rawafed Almostaqbal and Noble Resources.

The company said Rawafed Almostaqbal purchased an outstanding debt owed to Noble Resources, with the total reaching SAR 101.92 million after a SAR 68.17 million discount on the principal.

Rawafed Almostaqbal later demanded converting the full SAR 101.92 million into shares at par value (SAR 10 each), based on an agreement signed with Saudi Cable’s former management.