Saudi Cable Company Announces the Decision of Its Board of Directors to Exit Its Investment in Turkey

Saudi Cable Company Announces the Decision of Its Board of Directors to Exit Its Investment in Turkey

Saudi Cable Company announces that within the framework of reviewing the company's plans and business strategy and after discussions and preparation of the necessary studies, the company’s board of directors issued on Sunday 22/08/1445 corresponding to 03/03/2024 a decision to exit of its investments in Turkey, by disposing of them by sale or in any other way as permitted by Turkish law. As these companies did not achieve the desired returns and continued to achieve losses during the past years despite the solutions and treatments carried out by successive administrations to no avail and strengthening the opinion of local and international legal advisors to support the exiting decision. Considering that the Board of Directors’ approval of this decision is conditional on obtaining necessary approvals. It is worth noting that the company has taken the full provisions against the value of the investment and its related balances in the consolidated financial statements for the period ending on December 31, 2022. The financial impact will be shown after the completion of the exiting procedures in the consolidated financial statements of the company during the coming periods.

Saudi Cable Company Announces the Decision