Saudi Cable buys $53.33mln assets

The vehicles will be delivered within 25 working days

Riyadh –  Saudi Cable Company purchased new cars from Al Nawasi Gulf Trading Company for SAR 200 million, according to a bourse disclosure on Wednesday.

The value of the assets will be paid through annual instalments over five years, with a 5% increase each year.

Saudi Cable said the vehicles will be delivered within 25 working days from signing the contract, which holds a duration of 60 months.

The listed company plans to finance the working capital from this transaction.

Saudi Cable posted a decline of 11% in net losses after Zakat and tax to SAR 55.01 million last year, compared with SAR 61.83 million in 2019.

Source: Mubasher

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