Company regarding an update on a transaction of assets purchase; value of 200 million Saudi Riyal for the purpose of reselling them to finance the Company’s working capital
Reference to the Saudi Cable Company previous announcement on 07/01/1443H, corresponding to 15/08/2021, regarding an update on a transaction of assets purchase; value of 200 million Saudi Riyal for the purpose of reselling them to finance the Company’s working capital. To clarify a preliminary judgment was issued by the Commercial Court in Jeddah on Monday, 28/06/1443H, corresponding to 31/01/2022 in favor of Saudi Cable Company indicates the termination of the contract concluded between the two parties and enforcing Al-Nawasi Gulf Trading Company repaying to Saudi Cable Company an amount of 6,00,1,448 (Six million, thousand four hundred forty eight Saudi Riyal), further is enforced to return to Saudi Cable Company eight promissory notes at their possession.
Date of Posting the Previous Announcement of Development on Tadawul’s Website
A preliminary judgment was issued by the Commercial Court in Jeddah on Monday, 28/06/1443H, corresponding to 31/01/2022 in favor of Saudi Cable Company indicates termination of the contract concluded between the two parties and enforcing Al-Nawasi Gulf Trading Company repaying to Saudi Cable Company an amount of 6,00,1,448 (Six million, thousand four hundred forty eight Saudi Riyal), further is enforced to return to Saudi Cable Company eight promissory notes at their possession
Financial Impact on the change
N/A
Additional Information
Saudi Cable Company will announce any further development in due course.
