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

Saudi Cable Co. (SCC) signed 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 from Saudi Cable worth SAR 232.74 million.

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 Investment intends to restructure it later by acquiring shares in Saudi Cable, the statement added.

The company expected the move to enhance operational efficiency, facilitate debt reduction, and positively impact its overall financial situation. It also anticipates a significant effect on the proposed financial restructuring in the first quarter of 2024.

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

The financial restructuring procedure and bankruptcy trustee approved this agreement. Additionally, the agreement 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.

Source : Argaam