Logo ofSaudi Cable Co.
Saudi Cable Co. announced that it received a ruling related to the appeal request that was filed by the former FRP Trustee, Waleed bin Mohammed bin Hussein Subhi, and two creditors on 20/07/1446H corresponding to 20/01/2025G, according to a statement to Tadawul. 
The judicial session was attended at the Fifth Commercial Circuit of Appeal at the Commercial Court in Riyadh on June 18, 2025, and during the session, the judge submitted a number of inquiries to the former Secretary Walid Subhi and to the debtor (Saudi Cable Co.), and the session was postponed until the response of the two parties is considered.
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A date was then set for the session to be on June 25, 2025. The judicial hearing was attended at the Fifth Commercial Circuit of Appeal at the Commercial Court in Riyadh, and the judgment instrument was received on Tuesday, July 8, 2025, and the circuit ruled as follows:
First: Reversal of the judgment of the Fourth Circuit of the Commercial Court in Jeddah issued on 07/07/1446 in Case No. (103) of 1444 from the following:
1- Proof of the responsibility of the FRP Trustee (Waleed bin Mohammed bin Hussein Subhi) for violating the provisions of the Bankruptcy Law and the regulations and rules resulting from it, by not presenting the claims to the debtor in a health offer.
2- Invalidity of the procedure for submitting the list of claims in which application No. (131) submitted by the FRP Trustee, Waleed bin Muhammad bin Hussein Subhi, is registered.
3- Reversal of the Department’s judgment issued on 23/09/1445 and the judgment of “The Circuit Ruled: Approving the list of claims in which application No. (131) submitted by the SFRP Trustee, Waleed bin Muhammad bin Hussein Subhi, is registered in the bankruptcy lawsuit (103) of 1444 AH.
Second: Upholding the judgment of the Fourth Circuit of the Commercial Court in Jeddah issued on 07/07/1446 in Case No. (103) of 1444 from the following:
1- Dismissal of FRP Trustee Waleed bin Mohammed bin Hussein Subhi appointed in the financial restructuring procedure of the debtor (Saudi Cable Co.).
2- Appointing Khalid bin Abdulaziz Yahya Hawsawi as Secretary of the Procedure, in accordance with the duties, powers and duties of the trustees contained in the Bankruptcy Law and the regulations and rules resulting therefrom.
Third: The appeal of Nael Fayez is not accepted.
Fourth: Non-acceptance of the debtor’s request to enable the General Assembly to vote on the contract in question.
The company also indicated that there are no costs associated with the event now, adding that the financial impact will be disclosed later.
The company announced it received, on July 8, 2024 a letter from the financial restructuring proposal (FRP) trustee, confirming that it submitted the FRP with Jeddah Commercial Court.
In June, 2024, Saudi Cable said the Jeddah Commercial Court decided to cancel the request by the procedure trustee, Walid Sobhi, to submit the FRP to the court. The court hearing also concluded Saudi Cable must prepare the alternative proposal within 22 days from the date of issuance of this decision and submit it to the respective department, according to data available with Argaam.
Logo ofSaudi Cable Co.
Saudi Cable Co. announced that it received a ruling related to the appeal request that was filed by the former FRP Trustee, Waleed bin Mohammed bin Hussein Subhi, and two creditors on 20/07/1446H corresponding to 20/01/2025G, according to a statement to Tadawul.
The judicial session was attended at the Fifth Commercial Circuit of Appeal at the Commercial Court in Riyadh on June 18, 2025, and during the session, the judge submitted a number of inquiries to the former Secretary Walid Subhi and to the debtor (Saudi Cable Co.), and the session was postponed until the response of the two parties is considered.
For more news on listed companies
A date was then set for the session to be on June 25, 2025. The judicial hearing was attended at the Fifth Commercial Circuit of Appeal at the Commercial Court in Riyadh, and the judgment instrument was received on Tuesday, July 8, 2025, and the circuit ruled as follows:
First: Reversal of the judgment of the Fourth Circuit of the Commercial Court in Jeddah issued on 07/07/1446 in Case No. (103) of 1444 from the following:
1- Proof of the responsibility of the FRP Trustee (Waleed bin Mohammed bin Hussein Subhi) for violating the provisions of the Bankruptcy Law and the regulations and rules resulting from it, by not presenting the claims to the debtor in a health offer.
2- Invalidity of the procedure for submitting the list of claims in which application No. (131) submitted by the FRP Trustee, Waleed bin Muhammad bin Hussein Subhi, is registered.
3- Reversal of the Department’s judgment issued on 23/09/1445 and the judgment of “The Circuit Ruled: Approving the list of claims in which application No. (131) submitted by the SFRP Trustee, Waleed bin Muhammad bin Hussein Subhi, is registered in the bankruptcy lawsuit (103) of 1444 AH.
Second: Upholding the judgment of the Fourth Circuit of the Commercial Court in Jeddah issued on 07/07/1446 in Case No. (103) of 1444 from the following:
1- Dismissal of FRP Trustee Waleed bin Mohammed bin Hussein Subhi appointed in the financial restructuring procedure of the debtor (Saudi Cable Co.).
2- Appointing Khalid bin Abdulaziz Yahya Hawsawi as Secretary of the Procedure, in accordance with the duties, powers and duties of the trustees contained in the Bankruptcy Law and the regulations and rules resulting therefrom.
Third: The appeal of Nael Fayez is not accepted.
Fourth: Non-acceptance of the debtor’s request to enable the General Assembly to vote on the contract in question.
The company also indicated that there are no costs associated with the event now, adding that the financial impact will be disclosed later.
The company announced it received, on July 8, 2024 a letter from the financial restructuring proposal (FRP) trustee, confirming that it submitted the FRP with Jeddah Commercial Court.
In June, 2024, Saudi Cable said the Jeddah Commercial Court decided to cancel the request by the procedure trustee, Walid Sobhi, to submit the FRP to the court. The court hearing also concluded Saudi Cable must prepare the alternative proposal within 22 days from the date of issuance of this decision and submit it to the respective department, according to data available with Argaam.
