In a major move, Saudi Cable Company has announced plans to exit its investments in Turkey following a review of its performance in the country as these companies did not achieve the desired returns during the past few years.

The board’s decision comes within the framework of reviewing the company’s plans and business strategy and after discussions and preparation of the necessary studies, said Saudi Cable Company in its filing to the Saudi bourse Tadawul.

The group’s local and international legal advisors too backed the board decision as all its Turkish entities continued to achieve losses during the past years despite the solutions and treatments carried out by successive administrations.

Saudi Cable said it had taken the full provisions against the value of the investment and its related balances in the consolidated financial statements for the period ending on December 31, 2022.