Logo of Saudi Cable Co.
Saudi Cable Co.'s total debts are nearly SAR 1 billion, as per the list of creditors that was handed over to the trustee appointed by the Commercial Court in Riyadh as part of the financial restructuring procedure (FRP) proposal, according to Chief Financial Officer Abdulaziz Batarfi.
The list of creditors includes financing, governmental, labor, and commercial entities, Batarfi told Al Arabiya TV.
He added that Saudi Cable will submit the proposal to the court within no more than a week, noting that details cannot be disclosed at the present time.
The proposal will be presented to creditors and shareholders to vote on.
Saudi Cable's largest creditors include Al Rajhi Bank and Noble Resources International, Batarfi added.
Tathmeer Investment Co. purchased Saudi Cable's debt to Al Rajhi Bank for a value of SAR 233 million, while Rawafed Al-Mustaqbal Investment Co. purchased Saudi Cable's debt to Noble Resources for a value of SAR 101.9 million.
The CFO said that the cable manufacturer will capitalize debts amounting to SAR 500 million later within the FRP proposal in exchange for these companies owning shares in Saudi Cable.
He went on to say that the company is implementing clear initiatives and investment deals to purchase debt as part of a strategic plan to restructure capital and liabilities.
Batarfi expects Saudi Cable to return to operating profit by 2025.
The company announced earlier the submission of the FRP proposal on March 12 to the FRP trustee appointed by the Fifth Appeals Chamber in Commercial Court in Riyadh, according to Argaam's data.
The Saudi Exchange (Tadawul) announced lifting the trading suspension on the stock as of today, March 20, as the suspension circumstances and the trading of the company's shares over the counter have ended.
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