Saudi Cable signs deal to transfer Noble Resources’ SAR 101.9 mln debt to Rawafid Al-Mustaqbal

Saudi Cable Co. (SCC) signed a tri-party agreement with Noble Resources International PTE. Ltd. and Rawafid Al-Mustaqbal Investment Co., which will take over Noble Resources’ SAR 101.9 million debt, according to a statement to Tadawul.   

Rawafid Al-Mustaqbal aims to capitalize this debt in exchange for share ownership in SCC. This will help SCC weather the current financial crisis, operate efficiently, implement deleveraging, and further avoid financial restructuring measures.  

The agreement details that dues owed by SCC of SAR 101.9 million to Noble Resources shall be paid by Rawafid Al-Mustaqbal in one payment. 

1) Noble Resources will fully agree to transfer its rights to Rawafid Al-Mustaqbal. 

2) Noble Resources admits accepting the right from Rawafid Al-Mustaqbal and will not be entitled to seek any claims related to this transaction from Rawafid Al-Mustaqbal and SCC once it receives the transfer amount. 

3) Noble Resources will not be liable now or in the future for any claims or disputes arising between Rawafid Al-Mustaqbal and SCC pertaining to this transaction.  

The contract will be valid until the required approvals are obtained and the transfer of the rights is completed in exchange for the payment of the debt agreed upon.The deal will likely positively impact on the company in general and in general, and on the financial restructuring proposal in particular in Q2 2024.  

The agreement has been approved by the financial restructuring trustee and will not entail any financial liabilities to shareholders. 

There are no related parties to the deal.  

Source : Argaam