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Saudi Cable Co. signed a working capital financing agreement worth SAR 140 million with Rawafid Al-Mustaqbal Investment Co., according to a statement on Tadawul.
This agreement includes cash financing and the purchase of raw materials to fulfill existing manufacturing orders. The deal aims to help Saudi Cable increase its manufacturing capacity and maintain its relationship with one of its key strategic customers.
Under the contract, Rawafid Al-Mustaqbal shall deposit SAR 30 million in cash into the account of Saudi Cable before Dec. 30, and will provide Saudi Cable with SAR 110 million purchase orders of raw materials (copper and aluminum) by Nov. 15. Purchase orders are paid and Saudi Cable does not bear any fees related to the provision of such materials.
Meanwhile, this financing constitutes a loan of SAR 140 million owed by Saudi Cable, the statement added.
Rawafid Al Mustaqbal aims to capitalize this loan later in exchange for shares in Saudi Cable after obtaining regulatory approvals.
This would enable the Saudi-listed firm to efficiently manufacture the strategic client’s orders and strengthen its position in the financial restructuring procedure, which will have a positive impact on the company's interest, reputation, and presence in the cable sector at the national level.
The working capital financing agreement will be valid until the supply process is completed and the required approvals are obtained, the statement indicated. The company expects a positive financial impact in Q4 2024, which will support its continued operations and market presence.
The agreement was approved by the financial restructuring procedure bankruptcy trustee, and does not entail financial contributions from shareholders.
Raw materials (copper and aluminum) will be supplied to the company’s warehouses before Nov. 30.
Rawafid Al-Mustaqbal is committed to maintaining all technical, operational, manufacturing, and administrative information of Saudi Cable, the statement noted, stating that no related parties are included in the deal.
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