Riyadh - Saudi Cable Company inked a tripartite agreement to transfer the debt of Al Rajhi Banking and Investment Company and Tathmeer Investment Company, according to a bourse filing.
Under the joint deal, Al Rajhi transferred its right to the indebtedness of Saudi Cable in the amount of SAR 232.73 million to the benefit of Tathmeer.
Meanwhile, Tathmeer aims to capitalise on the indebtedness later in exchange for ownership of shares in the listed firm. This will enable Saudi Cable to operate efficiently, reduce its debt, and strengthen its position in accordance with the Financial Restructuring Procedure.
Saudi Cable noted that the agreement will help it overcome its current financial crisis, adding that it will have a positive impact during the first quarter (Q1) of 2024.
At the beginning of 2023, Nael Sameer Mohammad Fayez was announced as the CEO of Saudi Cable.
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