| Element List | Explanation |
|---|---|
| Previous Announcement | The company's previous announcement of canceling an agreement with an investor |
| Date of Previous Announcement on Saudi Exchange’s Website | 2024-05-20 Corresponding to 1445-11-12 |
| Hyperlink to the Previous Announcement on the Saudi Exchange Website | Click Here |
| Latest Developments Of The Announced Event | In reference to the company's previous announcement on Tadawul website on 20/05/2024 AD to cancel an agreement concluded with an investor (Rawafed Almostaqbal Company), which included the company's receipt of an amount of 20 million riyals of the cash amount agreed upon as part of the agreement between the two parties, as the agreement stipulated that the investor deposit an amount of 30 million Saudi riyals in the company's account before the date of October 26, 2023, but the investor did not comply with that, as he only paid twenty million riyals after the lapse of Five months from the agreed date.Saudi Cable Company would like to announce that it has received the last installment of the cash financing payment agreed upon with Rawafed Almostaqbal Investment Company, which is estimated at SAR 10 million, after the cheque for the last payment was rejected the first time due to the lack of balance in the investor's account, and then it was deposited in the company's account, after the availability of a balance in the account of Rawafed Almostaqbal Company on 30/05/2024, after the date of cancellation of the agreement. |
The Company would also like to clarify that the receipt of payment does not mean the continuation of the agreement, as the amount was deposited after the cancellation of the agreement. The company will take legal measures to preserve the shareholders' rights and claim compensation for the damages suffered as a result of Rawafed Almostaqbal Company's failure to implement its promises to transfer the full amount on time.
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