Addendum announcement from Middle East Specialized Cables Company (MESC) Regarding the Completion of the Implementation of the Reconciliation Agreement with the Claimant Parties in Jordan to End All Legal Claims and Disputes.
| Element List | Explanation |
|---|---|
| Introduction | Further to the announcement of the Middle East Specialized Cables Company (MESC) on 24/05/2022 regarding the signing of a reconciliation agreement with the claimant parties in Jordan to end all lawsuits and disputes, the company would like to clarify that all the provisions contained in the aforementioned agreement have been implemented by the two parties, which resulted in the termination of all legal lawsuits filed against the company in the Hashemite Kingdom of Jordan, and obtaining an official letter from the competent authorities that includes a final and comprehensive discharge of the company and its board members.
With regard to the transfer of ownership of "MESC Jordan" shares to banks, it was agreed that they will be assigned after completing the required legal procedures with the competent authorities in the Hashemite Kingdom of Jordan, and it should be noted that these shares do not carry any book value in the company's records |
| Date of Posting the Previous Announcement of Development on Saudi Exchange’s Website | 2022-05-24 Corresponding to 1443-10-23 |
| Hyperlink to the Previous Announcement | Click Here |
| Change on the Development | The company confirms that it has obtained an official letter from the competent authorities that includes the final and comprehensive discharge of the company and the members of its board of directors, and all lawsuits and legal disputes filed against the company in the Hashemite Kingdom of Jordan have been dropped under the agreement. |
| Financial Impact on the change | No financial impact |
Comments