The Saudi Cable Board of Directors decides to exit the company’s investments in Türkiye

The Saudi Cable Board of Directors decides to exit the company's investments in Türkiye
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Company announced Saudi Cables As part of reviewing the company’s plans and business strategy and with the aim of reducing its useless investments, and after discussions and preparing the necessary studies, the Board of Directors issued a decision last Sunday to exit all of the company’s investments in the State of Turkey, by disposing of them by sale or in any other way as permitted by Turkish law.

The company explained in a statement on Tadawul that these companies did not achieve the desired returns and continued to achieve losses during the past years despite the solutions and treatments undertaken by successive administrations to no avail, and strengthening the opinion of local and international legal advisors in supporting the exit decision.

She explained that the Board of Directors’ approval of this decision is conditional on obtaining the necessary approvals.

The company added that it has taken the necessary allocations for the full value of the investment and related balances in its consolidated financial statements for the period ending on December 31, 2022.

She stated that the financial impact will be shown after the completion of the exit procedures in the company’s consolidated financial statements during the coming periods.

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