| ELEMENT LIST | EXPLANATION |
|---|---|
| Introduction | The Saudi Cable Company announces that the Extraordinary General Assembly meeting (the second meeting) will not be held on Wednesday 20/07/2022, via modern technology, due to the lack of the quorum required for the meeting, as the attendance percentage for the meeting reached the first meeting (13.37%) and the attendance percentage for the second meeting (13.51%). |
| Indicate the date of the non-convened assembly | 2022-07-20 Corresponding to 1443-12-21 |
| City and Location of the General Assembly’s Meeting | By means of modern technology from the company’s headquarters |
| Time of the General Assembly’s Meeting | 19:30 |
| The reason behind non-convening the assembly | Due to the lack of the quorum required for the meeting, as the attendance percentage for the meeting reached the first meeting (13.37%) and the attendance percentage for the second meeting (13.51%). |
| Percentage of Attending Shareholders | %13.51 |
| The impact of non-convening the assembly upon matters relating to the recommendations of the board of directors on profits or on the work of the External Auditor (where applicable). | N/A |
| The impact of non-convening the assembly upon matters relating to the recommendations of the board of directors capital alterations | The company would like to clarify that the effect of the non-convening of the Assembly meeting regarding the recommendations of the board of directors about the change in the capital is that the company will later invite the third meeting to be held with the shareholders who attended. If the shareholders of the company agree at the Extraordinary General Assembly’s Meeting to reduce the capital, the reduction decision will be effective on the shareholders of the company who own shares on the day of the extraordinary general assembly who are registered in the company’s shareholders register with the Securities Depository Center Company (Edaa) at the end of the second trading day following the date of the Extraordinary General Assembly that was decided in which the capital reduction. |
| Additional Information | Accordingly, the Extraordinary General Assembly meeting was postponed, and will call for a third meeting which will be determined and announced later after obtaining the approval of the relevant authorities. |
CERTIFICATIONS & AWARDS
Saudi Cable Co. Invites its Shareholders to Attend the Extraordinary General Assembly Meeting for Capital Decrease ( First Meeting )
Saudi Cable Company invites shareholders to attend a meeting via modern technology to discuss the Board of Directors’ recommendation to reduce the company’s capital
| ELEMENT LIST | EXPLANATION |
|---|---|
| Announcement Detail | Saudi Cable Company announces that it has organized a meeting via modern technology with the honorable shareholders to discuss the Board of Directors’ recommendation to reduce the company’s capital and to answer the shareholders’ inquiries by the Chairman and Board members. The meeting will be on Monday 19/12/1443 AH corresponding to 18/07/2022 AD, at (04:00) pm until (06:00) pm. Each shareholder registered in the company’s shareholder register at a deposit center is entitled to attend at the end of the trading session preceding the meeting. Link to attend the meeting: http://www.any-meeting.com |
Saudi Cable Company announces the Board of Directors’ recommendation to reduce the company’s capital and then increase the company’s capital by offering rights shares
| ELEMENT LIST | EXPLANATION |
|---|---|
| Introduction | The Saudi Cable Company announces that the Board of Directors decided, by passing in its meeting held on Thursday 02/06/2022, to recommend to the Extraordinary General Assembly to reduce the company’s capital and then increase it through priority rights shares according to the following details: |
| Date of Board Meeting | 2022-06-02 Corresponding to 1443-11-03 |
| Capital before decrease | 262,311,060 |
| Capital after decrease | 66,729,060 |
| Percentage of Capital decrease | -74.6 % |
| Number of Shares before Decrease | 26231106 |
| Number of Shares after Decrease | 6672906 |
| Reasons for the Capital Decrease | Restructuring of the capital in order to write-off (100%) of the accumulated losses as of 31 March 2022, an amount of (195,582,000) Saudi Riyal. |
| Method of Capital Decrease | Cancellation a number of (19,558,200) of the Company’s shares, such that, 0.7456 share will be reduced for every 1 share |
| Impact of the Capital Decrease on the Company’s Obligations, Operations or Operational, Financial or Organizational Performance of the Company | Capital decrease will not impact the Company financial obligations. |
| Date of reduction | The End of the Second Trading Day after the Extra Ordinary General Assembly Meeting in which Decrease was Resolved |
| Approvals | The approval of the relevant official authorities and the extraordinary general assembly |
| Appointment of a Financial Advisor and the Submission of the Application for Capital Decrease to CMA | An announcement will be made when a financial advisor is appointed as well as when the capital reduction application file is submitted to the Capital Market Authority for approval |
| Additional Information | The company’s board of directors also recommended, at the same meeting of the extraordinary general assembly, and after the completion of the capital reduction process, to increase the company’s capital through a rights issue of 400,000,000 million riyals, so that the capital after the increase becomes 466,729,060 million riyals, the details of which are as follows: Capital before the increase: 66,729,060 riyals Capital after the increase: 466,729,060 riyals Capital increase percentage: 599% Number of shares before the increase: 6,672,906 shares Number of shares after the increase: 46,672,906 shares The reason for the capital increase: Restructuring of the Company’s capital in order to inject new capital to secure working capital to enable the Company to increase operational capacity and support its future activities. Method of capital increase: Offering and listing of rights issue (40,000,000) Shares. Eligibility to subscribe: The eligibility to subscribe will be to the shareholders who own the shares on the day of the extraordinary general assembly which decided to increase the capital by offering rights shares and whose names appear in the company’s shareholders register at the Depository Center at the end of the second trading day following the date of the extraordinary general assembly which It will be scheduled at a later time |
Saudi Cable Co. announces to Invites its Shareholders to Attend the ( First Meeting ) Ordinary General Assembly Meeting
Saudi Cable Co. announces its Interim Financial Results for the Period Ending on 2022-03-31 (Three Months)
| ELEMENT LIST | CURRENT QUARTER | SIMILAR QUARTER FOR PREVIOUS YEAR | %CHANGE | PREVIOUS QUARTER | % CHANGE |
|---|---|---|---|---|---|
| Sales/Revenue | 35,357 | 63,855 | -44.629 | 31,848 | 11.017 |
| Gross Profit (Loss) | -26,737 | -17,257 | 54.934 | -14,179 | 88.567 |
| Operational Profit (Loss) | -42,071 | -36,832 | 14.224 | -32,644 | 28.878 |
| Net Profit (Loss) after Zakat and Tax | -37,155 | -35,882 | 3.547 | -92,682 | -59.911 |
| Total Comprehensive Income | -18,531 | -36,867 | -49.735 | -92,581 | -79.984 |
| All figures are in (Thousands) Saudi Arabia, Riyals |
| ELEMENT LIST | CURRENT PERIOD | SIMILAR PERIOD FOR PREVIOUS YEAR | %CHANGE |
|---|---|---|---|
| Total Share Holders Equity (after Deducting Minority Equity) | 62,575 | 249,271 | -74.896 |
| Profit (Loss) per Share | -1.17 | -1 | |
| All figures are in (Thousands) Saudi Arabia, Riyals |
| ACCUMULATED LOSSES | CAPITAL | PERCENTAGE % | |
|---|---|---|---|
| -195,582 | 262,311 | -74.56 | |
| All figures are in (Thousands) Saudi Arabia, Riyals |
| ELEMENT LIST | EXPLANATION |
|---|---|
| The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is | “The Group made a net loss of SR 37.2 million in current quarter as compared to the net loss of SR 35.9 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: • Lower volumes 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 share of profit from associates in current quarter as compared to same quarter of the previous year. • Increased other income in current quarter as compared to same quarter of the previous year. “ |
| The reason of the increase (decrease) in the net profit during the current quarter compared to the previous period of the current year is | “The Group made a net loss of SR 37.2 million in current quarter as compared to the net loss of SR 92.7 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: • Lower volumes in current quarter as compared to previous quarter further impacted by the product mix affected gross margins to decline. • Decreased expenses in current quarter as compared to previous quarter. • Increased share of profit from associates in current quarter as compared to share of losses in previous quarter. • Increased other income in current quarter as compared to same quarter of the previous year. • Certain one-off adjustments relating to zakat & tax expenses affected the previous quarter as compared to current quarter.” |
| Statement of the type of external auditor’s report | Disclaimer of conclusion |
| Modification, Qualification or Emphasis of a Matter as Stated within the External Auditor Opinion | “Basis for Disclaimer of Conclusion • The Group incurred a net loss of SAR 37.6 million for the three-month period ended March 31, 2022, and as of that date, the Group’s accumulated losses have reached SAR 195.6 million, representing 74.56% of the share capital as at March 31, 2022. Further, the Group current liabilities exceeded its current assets by SAR 487 million as at March 31, 2022 (as at December 31, 2021: SAR 476.4 million). These events or conditions, along with other matters, indicate a significant doubt about Group’s ability to continue as a going concern and its ability to meet its obligations when it becomes due. The Group has been and still in the process of restructuring its liabilities to its creditors and plan to reduce its payables with future cash flows from its current projects. The Group’s management is aware of the risks related to going concern but has prepared the interim condensed consolidated financial statements under going concern basis. We have also disclaimed our audit opinion for the year ended December 31, 2021 in respect of this matter. • As stated in note 17, the Group received assessments from the Zakat, Tax and Customs Authority (ZATCA), claiming additional Zakat liabilities of SAR 235.9 million in respect of the assessment for prior years against which the Group has filed appeals. It is management’s assertion that they have grounds to contest against items included in the assessments raised by ZATCA, that the outcome of the appeals is uncertain at this stage and, therefore, it is not possible to determine the potential Zakat liability. No provision has been made in these interim condensed consolidated financial statements for the items under appeal and for any potential exposure relating to open years not yet assessed by ZATCA. We have not been provided details or basis of certain appeals the assessments, including details of zakat computation and appeals in respect of certain open years for the Company and of certain subsidiaries. We were, therefore, unable to determine whether any adjustments are necessary to the Group’s current or prior years’ / periods’ zakat charges. • The Group has property, plant and equipment amounted of SAR 269.9 million as at March 31, 2022 and there are some indicators that the recoverable value of them is less than its book value, we were unable to obtain sufficient evidence regarding the recoverable amount of them as the Group’s management hasn’t provided us with sufficient data related to the recoverable amount of the property, plant and equipment and the extent to recognize any impairment losses the book value of property, plant and equipment as at March 31, 2022. The Group’s management will prepare a future studies to determine the recoverable value subsequently after approval date of the interim condensed consolidated financial statements of the Group. • As stated in note 6, the interim condensed consolidated financial statements include investment in an associate (50% ownership) with a carrying value of SAR 302.49 million and share of results of SAR 5 million as at and for the three-month period ended March 31, 2022. The associate had trade receivables amounting to SAR 54.4 million, out of which the Group’s share is SAR 27.2 million; that are overdue for more than one year, against which management has not recognized any allowance for expected credit losses. Management was unable to provide us with appropriate support to ensure the possibility of recoverability of those trade receivables balances. Consequently, we were unable to determine whether any adjustments to the Group’s share of results of an associate and the carrying value of the investment in an associate were necessary as of and for the three-month period ended March 31, 2022. We have also disclaimed our audit opinion on the consolidated financial statements of the Group for the year ended December 31, 2021 in respect of these matters. Disclaimer of Conclusion We do not express a conclusion on the accompanying interim condensed consolidated financial statements of the Group. Because of the significance of the matters described in the Basis for Disclaimer of Conclusion section above, we have not been able to carry out sufficient procedures to provide a basis for a review conclusion on these interim condensed consolidated financial statements. Other Matter The interim condensed consolidated financial statements for the three-month period ended March 31, 2021 were reviewed by another Auditor who expressed a modified review conclusion on May 23, 2021. |
| Reclassification of Comparison Items | Certain prior period figures have been reclassified to conform to current period presentation, which are not material in nature. |
| Additional Information | “The loss per share during first quarter amounts to SR 1.17 against loss per share of SR 1.00 for the same quarter of last year.Loss per share for the current quarter was calculated based on the average of 31,802 thousand shares compared to 36,061 thousand shares for the same quarter last year.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 reduction that took place as approved in the Extraordinary General Assembly by the shareholders, on February 20, 2022, the weighted average structure changed since then, affecting weighted average number of ordinary shares of three-month period ended March 31, 2022. The number of shares prior to capital reduction was 36,061 thousand where as the number of shares post capital reduction is 26,231 thousand. “ |
Saudi Cable Co. Announces Appointment of a Board Member
| ELEMENT LIST | EXPLANATION |
|---|---|
| Introduction | Saudi Cable Company announces that the board of directors has approved by Circular resolution on its meeting held on 22/05/2022 the appointment of Mr. Khaled Mohamed Bawazer as an (Independent) member of the Board of directors in the vacant seat for the current term of the Board, which ends in 13/01/2024, starting from 22/05/2022. Board Approval May not be Deemed Final, this Appointment Shall Be Put before the First General Assembly Meeting for Approval |
| ELEMENT LIST | EXPLANATION |
|---|---|
| Appointed Member Name | Mr. Khaled Mohamed Bawazer |
| Membership Type | Independent |
| Membership Start Date | 2022-05-22 Corresponding to 1443-10-21 |
| Brief Resume of the Appointed Member | It is worth mentioning that Mr. Khaled M. Bawazer holds a Bachelor’s degree in Industrial Engineering from King Abdulaziz University, and served as the CEO of several companies such as KIA Saudi Arabia, the Medical Group (Pfizer), METCO company and the Saudi Bugshan Company, and holds several board memberships and committees in several companies. |
| ELEMENT LIST | EXPLANATION |
|---|---|
| Date of Board Meeting in which Appointed New Member(s) were Appointed | 2022-05-22 Corresponding to 1443-10-21 |
| Board Approval | Board Approval May not be Deemed Final, this Appointment Shall Be Put before the First General Assembly Meeting for Approval |
Saudi Cable Co. invites Shareholders to attend a meeting to discuss the Company’s continuity plan through modern technology. (Reminder Announcement)
| ELEMENT LIST | EXPLANATION |
|---|---|
| Announcement Detail | The Saudi Cable Company announces organizing a meeting through modern technology with its respected Shareholders to discuss the company’s continuity plan and to answer the Shareholders queries by the Chairman and the members of the Board. The meeting shall take place on Sunday, 21\10\1443 corresponding to 22\05\2022, from 4:00pm to 6:00pm.Each Shareholder registered in the Company’s shareholders register in (EDAA) is entitled to attend the meeting by the end of the trading session prior to the meeting. LINK: http://www.any-meeting.com |
Saudi Cable Co. invites Shareholders to attend a meeting to discuss the Company’s continuity plan through modern technology.
| ELEMENT LIST | EXPLANATION |
|---|---|
| Announcement Detail | The Saudi Cable Company announces organizing a meeting through modern technology with its respected Shareholders to discuss the company’s continuity plan and to answer the Shareholders queries by the Chairman and the members of the Board. The meeting shall take place on Sunday, 21\10\1443 corresponding to 22\05\2022, from 4:00pm to 6:00pm.Each Shareholder registered in the Company’s shareholders register in (EDAA) is entitled to attend the meeting by the end of the trading session prior to the meeting. LINK: http://www.any-meeting.com |