Court ruling reinstates Saudi Cable under FRP

Saudi Cable Co. said it attended an appeal hearing on Aug. 12, during which the judicial circuit requested responses to the objections submitted by Tathmeer Investment Co. and Rawafed Al-Mustaqbal Co.

The judicial circuit said it would schedule another hearing to review the debtor’s responses, with notification to be made through the bankruptcy unit, before adjourning the hearing.

In a statement to Tadawul, Saudi Cable said an appeal hearing was subsequently held before the Fifth Circuit of the Riyadh Court of Appeal on Aug. 26. Neither the company nor the financial trustee, Khaled Hawsawi, was officially notified of the hearing date, the statement added.

The Court of Appeal overturned the Fourth Circuit of the Jeddah Commercial Court's ruling, which terminated the financial restructuring procedure (FRP) and rejected the application to terminate the FRP.

The company said it received the hearing minutes on Aug. 30 and will receive the ruling document later.

Based on the ruling, Saudi Cable will return under the FRP. All claims listed in the creditors’ claims register have been settled, except for claims of 35 commercial and labor creditors totaling approximately SAR 2.25 million.

Saudi Cable noted that these creditors have not responded to its calls or contacted it to date, despite its follow-up efforts and the publication of related notices.

Several debts have also been rescheduled, including amounts owed to the Zakat, Tax and Customs Authority (ZATCA), the Saudi Industrial Development Fund and the General Organization for Social Insurance.

Regarding the claims of Tathmeer and Rawafed included in the creditors’ claims register, the company said it does not recognize these claims due to procedural and substantive violations in the underlying contracts.

Some claims arose after the commencement of the procedure, in violation of the Bankruptcy Law, and the previous management entered into the contracts without obtaining approval from the authorized party, namely the shareholders, as previously disclosed on Tadawul.

Saudi Cable said there are currently no costs associated with the event and any financial impact will be announced later.

According to Argaam data, the Jeddah Commercial Court approved Saudi Cable’s request to terminate the FRP in December 2025, after rejecting the request earlier that month.

In February 2026, Tathmeer and Rawafed appealed the ruling, while Saudi Cable filed lawsuits against both companies. In April 2026, the two lawsuits were referred back to the competent judicial authorities.