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Logo of Saudi Cable Co.
Saudi Cable Co. announced that the Commercial Court in Jeddah decided to reject the company’s request to postpone the date of voting by shareholders on the financial restructuring proposal (FRP) and to adhere to the previously announced voting date, June 4 for shareholder and June 6 for creditors.
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.
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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, Argaam earlier reported.
The company also noted that there are no costs associated with the event at the moment, adding that the financial impact will be disclosed later if any.
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