Saudi Cable Company announces its position on what is being circulated regarding filing a liability lawsuit against previous executive managements

Saudi Cable Company announces its position on what is being circulated regarding filing a liability lawsuit against previous executive managements

The company's management would like to clarify to its shareholders that a special committee has been appointed to look into the practices of some of the previous executive managements. After comprehensive internal investigations - which continued for months - the company's management found evidence of suspected violations related to the work of some of the previous executive managements. The results of the investigations were submitted to legal advisors. The company also announces, based on Board of Directors Resolution No. 5, dated 20/03/2024, which directed that the results of the investigations be submitted to the Capital Market Authority and the relevant authorities, and accordingly the necessary measures will be taken in coordination with the Financial Restructuring Trustee, out of the company’s management’s keenness to preserve the rights of its shareholders and stakeholders. Considering the above, we would like to point out to all our shareholders and concerned stakeholders that they are keen to obtain information related to the Saudi Cable Company from approved sources only, and to communicate with the Investor Relations’’ Management, including the information published on the Saudi Stock Exchange (Tadawul) website. The company will disclose any material developments whenever necessary