Saudi Cable says debt-restructuring deal completed

Saudi Cable Co. said it has completed all terms related to a debt restructuring agreement it had signed with local banks.

Last February, the cable manufacturer signed a debt restructuring agreement with Al Rajhi Bank, National Commercial Bank (NCB), Bank Aljazira, and BNP Paribas to repay its SAR 798 million debt over seven years. The final payment is due December 2022.

“With this, the company will now have access to all restricted funds at the banks, the impact of which, will be seen from third quarter 2016 financial statements,” the company said in a bourse statement.