Saudi Cable signs tripartite agreement to transfer SAR 232.7M debt to Tathmeer

Logo of Saudi Cable Co.

Saudi Cable Co. (SCC) on Nov. 28 a tripartite agreement with Al Rajhi Banking Investment Co. and Tathmeer Investment Co., under which Al Rajhi Banking transferred to Tathmeer its rightful claim on a due debt worth SAR 232.74 million from Saudi Cable. 

The recent action was taken in accordance with the terms and conditions specified in the agreement, aimed at assisting in overcoming its current financial crisis, according to a statement to Tadawul. 

Tathmeer intends to restructure the debt later by acquiring shares in Saudi Cable, the statement added. 

The cable manufacturer expects the move to enhance its operational efficiency, facilitate debt reduction, as well as positively impact its overall financial situation and the proposed financial restructuring in the first quarter of 2024. 

There are no related parties to the agreement, Saudi Cable said. 

The financial restructuring trustee approved this agreement. Additionally, the deal will not impose any financial contributions on the shareholders. 

According to data available on Argaam, Saudi Cable signed a tripartite agreement with Noble Resources International PTE. Ltd. and Rawafid Al-Mustaqbal Investment Co., to which SCC's SAR 101.9 million debt to Noble Resources will be assigned.