Logo ofSaudi Cable Co.
Saudi Cable Co. filed a lawsuit yesterday against Rawafed Almostaqbal Co. before the Commercial Court in Jeddah, demanding the cancellation of a right transfer contract for the payment of a debt between Rawafed Almostaqbal, Noble Resources International Pte Ltd and Saudi Cable. 
In a statement to Tadawul, the company said that Rawafed Almostaqbal Co. purchased an existing debt owed by Saudi Cables in favor of Noble Resources International Pte. Ltd. at an amount of SAR 101.92 million, after Rawafed Almostaqbal obtained a discount of SAR 68.17 million from the original debt amount.
Subsequently, Rawafed Almostaqbal demanded that Saudi Cables convert the full amount of SAR 101.92 million into shares at the nominal value of SAR 10 per share, based on a contract signed between the former management of Saudi Cables and Rawafed Almostaqbal, without the existence of statutory authority granting the former signatories of Saudi Cables the power to execute such contract.
Saudi Cable further highlighted that the reasons for filing the lawsuit are that the contract contains a number of formal and substantive violations, and that the board of directors (the duly authorized body) rejected the agreement pursuant to its resolution dated July 17, 2024.
Saudi Cable also noted that it is not possible to estimate any potential liability that may arise from the lawsuit until court proceedings commence, adding that it will disclose any material developments related to this matter as they occur.
According to the statement, the date of the judicial hearing was set for 28 Shaaban 1447 AH. In the event of the rejection of the lawsuit by a final ruling, the matter will remain as it is. However, if the lawsuit is accepted by a final ruling, the situation will return to the way it was before the signing of the agreement.
Logo ofSaudi Cable Co.
Saudi Cable Co. filed a lawsuit yesterday against Rawafed Almostaqbal Co. before the Commercial Court in Jeddah, demanding the cancellation of a right transfer contract for the payment of a debt between Rawafed Almostaqbal, Noble Resources International Pte Ltd and Saudi Cable.
In a statement to Tadawul, the company said that Rawafed Almostaqbal Co. purchased an existing debt owed by Saudi Cables in favor of Noble Resources International Pte. Ltd. at an amount of SAR 101.92 million, after Rawafed Almostaqbal obtained a discount of SAR 68.17 million from the original debt amount.
Subsequently, Rawafed Almostaqbal demanded that Saudi Cables convert the full amount of SAR 101.92 million into shares at the nominal value of SAR 10 per share, based on a contract signed between the former management of Saudi Cables and Rawafed Almostaqbal, without the existence of statutory authority granting the former signatories of Saudi Cables the power to execute such contract.
Saudi Cable further highlighted that the reasons for filing the lawsuit are that the contract contains a number of formal and substantive violations, and that the board of directors (the duly authorized body) rejected the agreement pursuant to its resolution dated July 17, 2024.
Saudi Cable also noted that it is not possible to estimate any potential liability that may arise from the lawsuit until court proceedings commence, adding that it will disclose any material developments related to this matter as they occur.
According to the statement, the date of the judicial hearing was set for 28 Shaaban 1447 AH. In the event of the rejection of the lawsuit by a final ruling, the matter will remain as it is. However, if the lawsuit is accepted by a final ruling, the situation will return to the way it was before the signing of the agreement.
