Saudi Cable says Tathmeer, Rawafed Almostaqbal object to FRP termination ruling

Saudi Cable said that the Fourth Circuit of the Commercial Court in Jeddah approved its request to terminate the FRP in December 2025

Saudi Cable Co. received, on Feb. 8, a notification from the legal counsel of Tathmeer Investment Co. and Rawafed Almostaqbal Co. stating that they filed an objection within the statutory period to the judgment issued by the Fourth Circuit of Jeddah Commercial Court to end the financial restructuring procedure (FRP).

In a statement to Tadawul, the company said that the objection was referred to the Riyadh Court of Appeal, adding that the appeal is still under review and that no hearing date has yet been set.

The cable manufacturer added that the appeal may either be accepted or rejected, stressing that it does not acknowledge the claims of Tathmeer Investment and Rawafed Almostaqbal due to the lack of approval of the contracts by the authorized parties.

Two lawsuits were filed against Tathmeer Investment and Rawafed Almostaqbal, the statement said.

There are no costs associated with the event at this stage, and any financial impact will be disclosed later, the company said.

Last December, Saudi Cable said that the Fourth Circuit of the Commercial Court in Jeddah approved the company’s request to terminate the FRP, Argaam reported.

The company filed a lawsuit against Rawafed Almostaqbal before the Jeddah Commercial Court, seeking the cancellation of a right transfer contract for the payment of a debt assignment between Rawafed Almostaqbal, Noble Resources International and Saudi Cable.

Rawafed Almostaqbal purchased SAR 101.92 million in existing debt owed by Saudi Cable in favor of Noble Resources International.

Saudi Cable further highlighted that the lawsuit was filed because the contract contains several formal and substantive violations and because the board of directors (the duly authorized body) rejected the agreement. The case hearing is scheduled on Feb. 16.

In addition, the company sued Thameer Investment before the Commercial Court in Jeddah, demanding the annulment of the assignment of debt between Tathmeer Investment, Al Rajhi Bank and Saudi Cable.

Tathmeer purchased a SAR 232.77 million outstanding debt owed by Saudi Cable in favor of Al-Rajhi Bank.

Moreover, the agreement contained several formal and substantive violations; however, the extraordinary general meeting (EGM) rejected it. A hearing was scheduled on Feb. 24, 2026.