Commercial Court rejects Saudi Cable's request to delay FRP voting

Logo of Saudi Cable Co.

Saudi Cable Co. announced that the Commercial Court in Jeddah rejected the company's request to postpone the date of voting by shareholders on the financial restructuring proposal (FRP).

The court ordered to adhere to the previously announced voting date of June 4 for shareholder and June 6 for creditors.

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Saudi Cable announced in May that the Fourth Commercial Circuit in Jeddah decided to accept the deposit of its FRP, submitted by the procedure trustee, Walid Sobhi. The proposal was previously set to be voted on by shareholders on June 4, according to Argaam data.

The company also noted that there are no current costs associated with the event, adding that the financial impact, if any, will be disclosed later.

The company's board of directors decided last Sunday to postpone shareholders’ voting on the FRP, which was scheduled to June 4, until the Court of Appeal decides on the company’s objection to the proposal.