‎Saudi Cable says requested OTC trading upon stock halt

‎Saudi Cable says requested OTC trading upon stock halt

Saudi Cable Co. announced in a statement to Tadawul that requesting the approval of the Saudi Exchange (Tadawul) to trade its shares over the counter was due to the trading halt placed on its shares.

A trading halt was placed on Saudi Cable’s stock, as the company was unable to disclose financial statements for 2022 and H1 2023, the statement added.

Saudi Cable indicated that the decision aims to maintain the shareholders’ interests, and that it will do its best to resume the stock trading.

Trading will resume on the stock upon disclosing the delayed financial statements.

The Saudi Exchange (Tadawul) approved on Aug. 23, over-the-counter (OTC) trading of Saudi Cable’s shares starting Aug. 24.

Saudi Cable announced, on June 7, that Riyadh Commercial Court approved its request to start financial restructuring procedures, as accumulated loss reached more than 50% of capital.