Today, Wednesday, the Saudi Cable Company announced that the fourth appeal session was attended by the Fifth Appeal Chamber of the Commercial Court in Riyadh in the case for opening the financial reorganization procedure, which was held today, Wednesday, June 7, 2023.
The company said in a statement on “Tadawul” that the Fifth Circuit of the Commercial Court in Riyadh ruled to overturn the ruling issued by the Fourth Circuit of the Commercial Court in Jeddah, and to approve the opening of the company’s financial reorganization procedures.
The court also decided to appoint Walid bin Muhammad Hussein Subhi as Secretary for Financial Regulation, and to prepare the proposal within 180 days from the date of opening the application.
She stated that the opening of the financial regulation is a pivotal and important step for the company’s return to its normal position as a cable manufacturer and a contributor to the development wheel in the Kingdom of Saudi Arabia and achieving the goals of Vision 2030.
