Logo ofSaudi Cable Co.
Saudi Cable Co. (SCC)’s shareholders will conveneon June 22an extraordinary general assembly tovote on a number of agenda items, including the rejection of an assignment of rights (debt assignment) agreementwithAl Rajhi Bank and Tathmeer Investment Co. 
Shareholders will vote to reject the agreement to capitalize Al Rajhi Bank’s debt and convert it into equity shares for the benefit of Tathmeer.
In a statement to Tadawul, the company noted that its board of directors sees that the capitalization agreement did not fulfill regulatory conditions, as the debt assignment require the approval of the company’s EGM. It also recommended rejecting the capitalization of Al Rajhi Bank’s debt, as it entails harm to the rights of the company and its shareholders to seek the opinion of authorized expert or evaluator to set the stock price.
In November 2023, Saudi Cableannounced that an assignment of rights agreement was signedwith Al Rajhi Bank and Tathmeer, under whichAl Rajhi Bank assigned its rights inoutstandingdebts owed by SaudiCableat a value of SAR 232.74 millionto Tathmeer,according to data available toArgaam.
Logo ofSaudi Cable Co.
Saudi Cable Co. (SCC)’s shareholders will conveneon June 22an extraordinary general assembly tovote on a number of agenda items, including the rejection of an assignment of rights (debt assignment) agreementwithAl Rajhi Bank and Tathmeer Investment Co.
Shareholders will vote to reject the agreement to capitalize Al Rajhi Bank’s debt and convert it into equity shares for the benefit of Tathmeer.
In a statement to Tadawul, the company noted that its board of directors sees that the capitalization agreement did not fulfill regulatory conditions, as the debt assignment require the approval of the company’s EGM. It also recommended rejecting the capitalization of Al Rajhi Bank’s debt, as it entails harm to the rights of the company and its shareholders to seek the opinion of authorized expert or evaluator to set the stock price.
In November 2023, Saudi Cableannounced that an assignment of rights agreement was signedwith Al Rajhi Bank and Tathmeer, under whichAl Rajhi Bank assigned its rights inoutstandingdebts owed by SaudiCableat a value of SAR 232.74 millionto Tathmeer,according to data available toArgaam.
