| Element list | Explanation |
| Date of publishing the previous Announcement sought to be corrected on Tadawul’s Website | 12/03/1442H, corresponding to 29/10/2020 |
| The Incorrect statements in the previous announcement | Introduction: It has been mentioned in the announcement on opening of nomination for shareholders or others who are interested to apply for the Company’s Board membership for the forthcoming new term Conditions & requirements for nomination as below: A written consent of the nominee shows his interest to apply for the membership of the Board of Directors including his profile and a resume included his qualifications, previous work experiences in the Company field of business and his current work attached with all supporting documents thereof. The nominee must conduct and show his commitment with the highest related code of ethics and values. The nominee must have a vast experience in corporate business or governmental or non-profitable organizations or have a professional expertise shows that the nominee is capable to provide significant or instant contribution in the Board discussions and in taking decisions. The nominee must have specific skills and expertise that shall add or complete the set of expertise and skills available in other Board Members. The nominee must effectively, continuously and appropriately handle considering and balancing the legal interests and the affairs of other parties of interest upon reaching decisions. The nominee must have the required capability to provide suggestions on the matters to be listed in the Assemblies and Board of Directors agenda. The nominee must be aware of the Companies laws to ensure the continuation of the Company profitability improvement and the rate or the value of its shares. The nominee must have the capability to contribute in approving the main strategies and goals of the Company and in supervising the implementation thereof. The nominee must be aware of manufacturing, preferably electrical products, in order to monitor the operational and financial conditions of the Company. The nominee must not be engaged in activity or activities that may have conflict of interests with his position as the Board Director of the Company. The nominee must have capability to perform his tasks as the Board Director and must allocate adequate time to perform these tasks. The nominee must attach a copy of his ID, family card and means of contact. Fill the Disclosure form No. (3) issued by CMA and attach it with the nomination application including a list of the companies or firms in which management or ownership the nominee is engaged and which of them is practicing works similar to the Company or which have contracts or interests with the Company, taking into consideration the requirements of Companies Governance regulation in relation to the conflict of interests. Form can be obtained by visiting CMA website: cma.org.sa Provided that, Nominations and Remuneration Committee will consider, upon preference between the nominees, the variety of scientific qualifications and work expertise of the nominee and will give priority in nomination to the persons with the appropriate skills that shall be available in the Board Director. The voting in the General Assembly will be restricted to the nominees satisfying the aforesaid conditions and requirements. The Nominations and Remuneration Committee will not consider any incomplete applications. The time the next General Assembly meeting will be announced later after having the approval of the concerned parties. |
| URL of the Previous Announcement | Click Here |
| The Correct Statements | Introduction: Saudi Cable Company is pleased to announce to its respective Shareholders opening of nomination for Company’s Board membership for the forthcoming new term which will start from 14th January 2021 for a period of three years. The nomination to the Board Membership shall be pursuant to the provisions of the Companies Law, Corporate Governance Regulations issued by Capital Market Authority, Articles of Company bylaws and Rules of the Charter of the Company’s Nominations & Remunerations Committee as it approved by Shareholders General Assembly. Voting on electing the nominees will take place on the forthcoming General Assembly Meeting, which shall be announced later. |
| Application Submission Method | Saudi Cable Company Attention: Nominations & Remunerations Committee/ Shareholders Department. P. O. Box: 4403 Jeddah 21491 E-mail : mshehween@saudicable.com Phone No. : 012-6087500/ 012-6087220 Fax : 012-6352220/ 012-6370023 |
| Application Requirements | Nominee must observe the regulations, rules and procedures on Membership of the Company’s Board, that have been approved by resolution of the Extraordinary General Assembly (23) held on Sunday 227/04/1439H, corresponding to 14/01/2018. The Board Member must be of professional competency, possesses the necessary expertise, knowledge, skills and independence in order to perform his tasks efficiently and capably and particularly must own the following: Leadership: Nominee must have leadership skills that promote authorization of powers and capacities in a way that leads to stimulating performance and the application of the best practices of effective management and show his commitment with the professional code of ethics and values. .None interference of Board Members in the tasks and authorities delegated to the Company’s executive management. Competency: Nominee must have appropriate scientific qualifications, expertise and professional and personal skills, have level of training and practical experiences related to the current and future activities of the Company, in management or economics, accounting, law or governance, in addition to the ability to learn and interest in continuing training. Direct & control: Nominee must have technical, leadership, management capabilities, immediate decision-making, understanding of technical requirements related to work confidentiality, capable for strategic direction, planning and a clear future vision. Knowledge in finance: Nominee must be able to read, understand and discuss financial statements and reports. Fitness: Nominee must be free of any health problems that may hinder exercise of his tasks and duties. There must be at least one member who has administrative and professional competencies in manufacturing and Company field of activity. The General Assembly must consider upon electing Board Members the Recommendation of the Nominations & Remunerations Committee and the availability of the necessary personal and professional characteristics for the nominee to perform his duties in effective way pursuant to Corporate Governance Regulations (Related Article) Official Requirements: Clean copy of valid National ID or Resident Identity as well as the family registry (for married), nominee’s contact numbers including his telephone, mobile, fax and email. Nominee’s Curriculum vitae (CV). Fill CV form No. 1 (Attached).Fill form No. 4 (see, CMA website, the following link: https://cma.org.sa/RulesRegulations/FormsSite/Pages/default.aspx Fill nomination notification form (In accordance with the membership regulations and procedures). Ensure that all information have been properly filled in the aforesaid forms. In case that the nominee has previously a member of the Company’s’ Board of Directors, he must attach with the application the following details (As stipulated on the regulations and procedures for Board Membership): The number of Board meetings that were held during the last Board’s term in which he became a member of the Board, the number of meetings he attended in person, and percentage of his attendance compared with the total number of meetings being held.The permanent committees in which the nominee had participated and number of meetings of each committee during the last session in which he became a Board member, number of meetings attended and percentage of his attendance compared with the total number of meetings being heldRemunerations & Nominations Committee will study all the applications received by it, pursuant to Paragraph (2), Article (65) of Corporate Governance Regulations issued by the Capital Market Authority. Incomplete applications will be disregarded. |
| Additional information | N/A |
| Attached documents | Nomination requirements |
CERTIFICATIONS & AWARDS
Corrective announcement from Saudi Cable Company regarding the announcement on opening of nominations of the Board Members for the forthcoming new term
| Element list | Explanation |
| Date of publishing the previous Announcement sought to be corrected on Tadawul’s Website | 12/03/1442H, corresponding to 29/10/2020 |
| The Incorrect statements in the previous announcement | Saudi Cable Company is pleased to announce to its respective Shareholders the opening of nomination of SCC Board Members for the forthcoming new term which will start from 14th January 2021 for a period of three years, for the most qualified nominees who satisfy the below conditions. All interested applicants of the Company Shareholders shall submit their nomination applications to Nominations & Remunerations Committee within the period from Thursday, 12 Rabi I, 1442H, corresponding to 29 October 2020 up to Monday, 15 Rabi II, 1442H, corresponding to 30 November 2020 in accordance with the policy and procedures that have been approved by the Board of Directors and Shareholders General Assembly in this regard. |
| The Correct Statements | Saudi Cable Company is pleased to announce to its respective Shareholders the opening of nomination for the shareholders or others who are interested to apply the Company’s Board membership for the forthcoming new term which will start from 14th January 2021 for a period of three years, for the most qualified nominees who satisfy the below conditions. All interested applicants of the Company Shareholders shall submit their nomination applications to Nominations & Remunerations Committee within the period from Thursday, 12 Rabi I, 1442H, corresponding to 29 October 2020 up to Monday, 15 Rabi II, 1442H, corresponding to 30 November 2020 in accordance with the policy and procedures that have been approved by the Board of Directors and Shareholders General Assembly in this regard. |
Saudi Cable Co. Announces Calling Candidature for Board Members Elections
| Element list | Explanation |
| Introduction | Saudi Cable Company is pleased to announce to its respective Shareholders the opening of nomination of SCC Board Members for the forthcoming new term which will start from 14th January 2021 for a period of three years, for the most qualified nominees who satisfy the below conditions. All interested applicants of the Company Shareholders shall submit their nomination applications to Nominations & Remunerations Committee within the period from Thursday, 12 Rabi I, 1442H, corresponding to 29 October 2020 up to Monday, 15 Rabi II, 1442H, corresponding to 30 November 2020 in accordance with the policy and procedures that have been approved by the Board of Directors and Shareholders General Assembly in this regard |
| Type of Board Term | New Term |
| Starting date of the term | 01/06/1442H, corresponding to 14/01/2021. |
| Ending date of the term | 01/07/1445H, corresponding to 13/01/2024. |
| Number of the Members | 9 |
| Application starting date | 12/03/1442H, corresponding to 29/10/2020 |
| Application closing date | 15/04/1442H, corresponding to 30/11/2020. |
| Application Submission Method | Submission of the application with all its attachments together with the CMA form, and shall be addressed to: Saudi Cable Company Attention: Nominations & Remunerations Committee/ Shareholders Department. P. O. Box: 4403 Jeddah 21491 E-mail : msheheween@saudicable.com Phone No. : 012-6087500/ 012-6087220 Fax : 012-6352220/ 012-6370023 |
| Application Requirements | The General Conditions and requirements for application to the Board Membership as below: A written consent of the nominee shows his interest to apply for the membership of the Board of Directors including his profile and a resume included his qualifications, previous work experiences in the Company field of business and his current work attached with all supporting documents thereof. The nominee must conduct and show his commitment with the highest related code of ethics and values. The nominee must have a vast experience in corporate business or governmental or non-profitable organizations or have a professional expertise shows that the nominee is capable to provide significant or instant contribution in the Board discussions and in taking decisions. The nominee must have specific skills and expertise that shall add or complete the set of expertise and skills available in other Board Members. The nominee must effectively, continuously and appropriately handle considering and balancing the legal interests and the affairs of other parties of interest upon reaching decisions. The nominee must have the required capability to provide suggestions on the matters to be listed in the Assemblies and Board of Directors agenda. The nominee must be aware of the Companies laws to ensure the continuation of the Company profitability improvement and the rate or the value of its shares. The nominee must have the capability to contribute in approving the main strategies and goals of the Company and in supervising the implementation thereof. The nominee must be aware of manufacturing, preferably electrical products, in order to monitor the operational and financial conditions of the Company. The nominee must not be engaged in activity or activities that may have conflict of interests with his position as the Board Director of the Company. The nominee must have capability to perform his tasks as the Board Director and must allocate adequate time to perform these tasks. The nominee must attach a copy of his ID, family card and means of contact. Fill the Disclosure form No. (3) issued by CMA and attach it with the nomination application including a list of the companies or firms in which management or ownership the nominee is engaged and which of them is practicing works similar to the Company or which have contracts or interests with the Company, taking into consideration the requirements of Companies Governance regulation in relation to the conflict of interests. Form can be obtained by visiting CMA website: cma.org.sa Provided that, Nominations and Remuneration Committee will consider, upon preference between the nominees, the variety of scientific qualifications and work expertise of the nominee and will give priority in nomination to the persons with the appropriate skills that shall be available in the Board Director. The voting in the General Assembly will be restricted to the nominees satisfying the aforesaid conditions and requirements. The Nominations and Remuneration Committee will not consider any incomplete applications. The time the next General Assembly meeting will be announced later after having the approval of the concerned parties. |
Saudi Cable Company announces the death of a member of the Board of Directors, Mr. Adnan Abdullah Maimani
Saudi Cable Board Members, Executive Management and all Company’s staff
With great sorrow and sadness Express their Deep sorrow Announced The Passing of Mr. Adnan Abdullah Maimani
Member of the Board of Saudi Cable Company (May God have Mercy on him) Who passed on Thursday, 22/10/2020
We Pray, Almighty ALLAH make heaven the abode of the departed soul and bless the bereaved family with patience and strength to bear this irreparable loss.
We belong to ALLAH, and to Allah we shall return
Furthermore, any developments and updates on the appointment of a new Board Member shall be announced later.
Saudi Cable Company invites its Shareholders to deposit the investment certificates into their investment portfolios accounts and receive the previous profits
Saudi Cable Company is assure to protect and maintain the rights of its Shareholders, accordingly, and due to the replacement of the certificate system with the investment portfolio system, the Company invites its valued Shareholders who are still holding Company’s shares certificates to deposit them into their investment portfolios accounts by delivering them via hand or sending them to the Saudi Stock Exchange (Tadawul) at King Fahd Road, Olaya 6897, Unit No.15, Riyadh 12211-3388, Tel: 920001919, together with the number of the investment portfolio and a clean copy of the national ID card or family Card in order to expedite up the process of discharge and release of their profits and facilitate the process of their trading in accordance with the relevant rules and regulations. The Company also invites its valued Shareholders who have accrued profits from previous years that have not yet been received as a result of their failure to contact the underwriting bank or because of their wrong addresses or account numbers attributed to their investment portfolios, are requested to contact the bank to receive their due profits.
Contact: Shareholders Dept.: Phone No.: 0126087500
Or via email: Investor.Relations@saudicable.com
Saudi Cable Co. Announces the Results of the Ordinary General Assembly Meeting (Second Meeting)
| ELEMENT LIST | EXPLANATION |
|---|---|
| Introduction | Saudi Cable Company announced the results of the Ordinary General Assembly Meeting (2nd Meeting) for the failing of the quorum in the first meeting , and the second meeting was held after one hour of the first meeting, which held at the Company Head Office in Jeddah, through the means of modern technology using Tadawulaty services, at 06:30 pm, on Sunday, 10/02/1442H, corresponding to 27/09/2020, Headedby Eng. Meyassar A. Nowailati, the Chairman of the Board, after valid quorum attended by (14.99%) of the total Company shares. |
| City and Location of the General Assembly’s Meeting | Jeddah, Company’s Head Office – Through Means of Modern Technology. |
| Date of the General Assembly’s Meeting | 2020-09-27 Corresponding to 1442-02-10 |
| Time of the General Assembly’s Meeting | 18:30 |
| Percentage of Attending Shareholders | 14.99% |
| Names of the Board of Directors’ Members Present at the General Assembly’s Meeting and Names of the Absentees | Names of the Board of Directors’ Members Present at the General Assembly’s Meeting and Names of the Absentees:Eng. Meyassar A. Nowailati (Chairman)Mr. Raaid K. Alireza (Vice-Chairman).Mr. Khalid A. Alireza (Board Member).Dr. Abdullah H. Masri (Board Member & Chairman of Nomination & Remunerations Committee)Mr. Khalid Ali H. Alajlan (Independent Board Member).While, the following members were unable to attend the meeting due to their special circumstances and they have already informed the Board about:Mr. Adnan A. Maimani (Board Member, Chairman of the Audit Committee).Mr. Yousuf A. Alireza (Board Member). |
| Names of the Chairmen of the Committees Present at the General Assembly’s Meeting or Members of such Committees Attending on Their Behalf | Dr. Abdullah H. Masri (Board Member & Chairman of Nomination & Remunerations Committee). |
| Voting Results on the Items of the General Assembly’s Meeting Agenda’s | Approve to electing two members for the Board of Directors among nominees to fill the vacancies, starting from date of the Ordinary General Assembly on 10/02/1442H, corresponding to 27/09/2020 up to the end of the term on 29/05/1442H, corresponding to 13/01/2021. They are as follows:- Mr. Mahmoud M. Abdulgafar- Mr. Azhar M. Kenji |
| Additional Information | N/A |
Saudi Cable Co. announces its Interim Financial Results for the Period Ending on 2020-06-30 ( Six Months )
| ELEMENT LIST | CURRENT QUARTER | SIMILAR QUARTER FOR PREVIOUS YEAR | %CHANGE | PREVIOUS QUARTER | % CHANGE |
|---|---|---|---|---|---|
| Sales/Revenue | 145,184 | 90,581 | 60.28 | 59,532 | 143.875 |
| Gross Profit (Loss) | -6,738 | -12,073 | -44.189 | -17,305 | -61.063 |
| Operational Profit (Loss) | -25,140 | -37,029 | -32.107 | -37,947 | -33.749 |
| Net Profit (Loss) after Zakat and Tax | -16,582 | -18,320 | -9.486 | -43,197 | -61.613 |
| Total Comprehensive Income | -4,423 | -21,899 | -79.802 | -47,054 | -90.6 |
| All figures are in (Thousands) Saudi Arabia, Riyals |
| ELEMENT LIST | CURRENT PERIOD | SIMILAR PERIOD FOR PREVIOUS YEAR | %CHANGE |
|---|---|---|---|
| Sales/Revenue | 204,716 | 193,038 | 6.049 |
| Gross Profit (Loss) | -24,043 | -21,069 | 14.115 |
| Operational Profit (Loss) | -63,087 | -63,714 | -0.984 |
| Net Profit (Loss) after Zakat and Tax | -59,779 | -50,415 | 18.573 |
| Total Comprehensive Income | -51,477 | -52,315 | -1.601 |
| Total Share Holders Equity (after Deducting Minority Equity) | 290,290 | 109,023 | 166.264 |
| Profit (Loss) per Share | -1.26 | -2.23 | |
| All figures are in (Thousands) Saudi Arabia, Riyals |
| ACCUMULATED LOSSES | CAPITAL | PERCENTAGE % | |
|---|---|---|---|
| -67,188 | 360,614 | -18.63 | |
| All figures are in (Thousands) Saudi Arabia, Riyals |
| ELEMENT LIST | EXPLANATION |
|---|---|
| Increase (Decrease) in Net Profit for Current Quarter Compared to the Same Quarter of the Previous Year is Attributed to | The Group made a net loss of SR 16.6 million in current quarter as compared to the net loss of SR 18.3 million in the same quarter of the previous year and the change in net losses of the current quarter compared with net loss of the same quarter of the previous year are mainly due to following impacts:• Higher volumes and improved margins in current quarter as compared to same quarter of previous year.• Decreased expenses in current quarter as compared to same quarter of the previous year.• Decreased other income compared to same quarter of the previous year. |
| Increase (Decrease) in Net Profit for Current Quarter Compared to the Previous Quarter is Attributed to | The Group made a net loss of SR 16.6 million in current quarter as compared to the net loss of SR 43.2 million in the previous quarter and the change in net losses of the current quarter compared with net loss of the previous quarter are mainly due to following impacts:• Higher volumes and improved margins in current quarter as compared to previous quarter.• Decrease in operating expenses and finance cost in current quarter as compared to previous quarter.• Increase in share of profit from associates in current quarter, as compared to share of losses in the previous quarter.• Increased other income in the current quarter, as compared to the previous quarter. |
| Increase (Decrease) in Net Profit for Current Period Compared to the Similar Period of the Previous Year is Attributed to | The Group made a net loss of SR 59.8 million in current period as compared to the net loss of SR 50.4 million in the same period of the previous year and the change in net losses of the current period compared with net loss of the same period of the previous year are mainly due to following impacts:• Higher volumes with lower margins in current period as compared to same period of previous year.• Decreased other income in current period as compared to same period of the previous year.• Increased share of losses from associates in the current period as compared to same period of the previous year. |
| Basis of the External Auditor’s Opinion | Emphasis of Matter paragraph |
| Modification, Qualification or Emphasis of a Matter as Stated within the External Auditor Opinion | Material Uncertainty Related to Going ConcernWe draw attention to Note 2.5 in the interim condensed consolidated financial statements which states that the Group incurred a net loss of SR 59.96 million during the six months period ended 30 June 2020 and, as of that date, the Group’s current liabilities exceeded its current assets by SR 20.64 million. These events or conditions, along with other matters, indicate that a material uncertainty exists that may cast significant doubt on the Group’s ability to continue as a going concern. Our opinion is not modified in respect of this matter.Other MatterThe consolidated financial statements of the Group for the year ended 31 December 2019 were audited by another auditor who expressed a modified opinion on those financial statements on 30 March 2020. Further, the interim condensed consolidated financial statements of the Group for the three-month period ended 31 March 2020 and for the six-month period ended 30 June 2019 were reviewed by another auditor who expressed a modified review conclusion on those financial statements on 17 June 2020 and 25 July 2019, respectively.ConclusionBased on our review, nothing has come to our attention that causes us to believe that the accompanying interim condensed consolidated financial statements are not prepared, in all material respects, in accordance with IAS 34, as endorsed in the Kingdom of Saudi Arabia. |
| Reclassification of Comparison Items | There is no reclassification in comparative quarter financial result. |
| Additional Information | In line with IAS 33 Earnings per share, Basic EPS is calculated by dividing profit or loss attributable to ordinary equity holders of the parent entity by the weighted average number of ordinary shares outstanding during the period. As there was a capital increase by way of rights issue, that took place as approved in the Extraordinary General Assembly by the shareholders, on December 31, 2019, the weighted average share structure changed, affecting weighted average number of ordinary shares outstanding since then.The weighted average number of ordinary shares outstanding on June 30, 2020 were calculated to be 47,590 thousand shares (restated June 30, 2019 – 22,590 thousand shares). |
Saudi Cable Co. Announces Rescheduling Material Supply Facility “Copper” offered by NOBLE RESOURCES INTERNATIONAL PTE. LTD
| ELEMENT LIST | EXPLANATION |
|---|---|
| Introduction | Saudi Cable Company announces the signing of a debt rescheduling agreement with a non commercial creditor |
| Date of Signing the Credit Facility Rescheduling | 2020-08-09 Corresponding to 1441-12-19 |
| Financier | NOBLE RESOURCES INTERNATIONAL PTE. LTD |
| Reasons for rescheduling | Due liabilities not paid |
| Credit facility Amount and Rescheduled Amount | The facility amount is 180,777,865.30 Saudi riyal, and the rescheduled part is 180,777,865.30 Saudi riyal |
| Financing Duration, before and after Rescheduling | facility period before scheduling (due), and facility period after scheduling (27 months) |
| Guarantees Provided for the Rescheduled Credit Facility | N/A |
| Related Parties | N/A |
| Additional Information | N/A |
Saudi Cable Co. Announces the Results of the Ordinary General Assembly Meeting, ( Second Meeting )
| ELEMENT LIST | EXPLANATION |
|---|---|
| Introduction | Saudi Cable Company announced the results of the Ordinary General Assembly Meeting (2nd Meeting) for the failing of the quorum in the first meeting , and the second meeting was held after one hour of the first meeting, which held at the Company Head Office in Jeddah, through the means of modern technology using Tadawulaty web site, at 20:30 pm, on Tuesday, 09/11/1441H, corresponding to 30/06/2020, Headedby Mr. Meyassar A. Nowailati, the Chairman of the Board, after valid quorum attended by (19.93%) of the total Company shares. |
| City and Location of the General Assembly’s Meeting | Jeddah, Company’s Head Office – Through Means of Modern Technology. |
| Date of the General Assembly’s Meeting | 2020-06-30 Corresponding to 1441-11-09 |
| Time of the General Assembly’s Meeting | 20:30 |
| Percentage of Attending Shareholders | 19.93% |
| Names of the Board of Directors’ Members Present at the General Assembly’s Meeting and Names of the Absentees | Eng. Meyassar A. Nowailati (Chairman)Dr. Abdullah H. Masri (Board Member & Chairman of Nomination & Remunerations Committee)Mr. Khalid Ali H. Alajlan (Independent Board Member)While, the following members were unable to attend the meeting due to their special circumstances and they have already informed the Board about:Mr. Khalid A. Alireza (Board Member).Mr. Adnan A. Maimani (Board Member, Chairman of the Audit Committee).Mr. Yousuf A. Alireza (Board Member)Mr. Raaid K. Alireza (Vice-Chairman) |
| Names of the Chairmen of the Committees Present at the General Assembly’s Meeting or Members of such Committees Attending on Their Behalf | Dr. Abdullah H. Masri (Board Member & Chairman of Nomination & Remunerations Committee). |
| Voting Results on the Items of the General Assembly’s Meeting Agenda’s | attached |
| Additional Information | N/A |