Saudi Cable says lawsuit against Tathmeer referred to first instance court

Logo of Saudi Cable Co.

Saudi Cable Co. said the Second Court of Appeal Division at the Commercial Court in Jeddah has overturned a preliminary ruling and referred its case against Tathmeer Investment Co. back to the court of first instance for reconsideration.

Saudi Cable says appeal court overturns jurisdiction ruling, refers Tathmeer case back to first instance court.

Saudi Cable said the Second Court of Appeal Division at the Commercial Court in Jeddah accepted its appeal and overturned a preliminary ruling that found the court lacked territorial jurisdiction, referring the case back to the first instance chamber for reconsideration.

The company said that on 28 March, the Commercial Court in Jeddah issued a preliminary ruling stating it had no territorial jurisdiction to hear the case, with the judgment document received on 4 April.

On 16 April, Saudi Cable filed an objection to the ruling before the Court of Appeal. On 8 June, the appeal court accepted the objection and annulled the initial ruling.

The appeal court then ordered the case to be reconsidered by the first instance court. Saudi Cable said there are no costs related to the development in the current period, with any financial impact to be disclosed later if applicable.

The dispute stems from a November 2023 tripartite assignment of rights agreement between Al Rajhi Bank and Tathmeer under the agreement, Al Rajhi Bank assigned a SAR 232.7 million receivable against Saudi Cable to Tathmeer.

In February 2026, Saudi Cable filed a lawsuit seeking to invalidate the agreement, arguing issues related to the debt assignment after Tathmeer Investment acquired the receivable from Al Rajhi Bank at a discounted value of SAR 77.77 million from the original debt.