Saudi Cable says second appeal hearing for financial reorganization on May 17

Logo of Saudi Cable Co.

Saudi Cable Co. said that the second appeal hearing for the opening of the financial reorganization procedure at Riyadh Commercial Court will be held on May 17. 

In a statement on Tadawul, the company affirmed that it is proceeding with its recovery and the financial restructuring plan developed by its executive management and board of directors, given that the continuity of the company and shareholders' rights are a top priority. 

The court ruling received, in March, rejected an application to open the company's financial reorganization procedure. 

In January, the cable manufacturer applied for opening the financial restructuring procedure, which was referred to Jeddah Commercial Court, Argaam earlier reported. 

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