BRIEF-Saudi Cable Signs Tripartite Agreement With Al Rajhi Bank And Tathmeer Investment

+2.35%

-0.10%

SAUDI CABLE

2110.SA

130.70

+2.35%

ALRAJHI

1120.SA

95.50

-0.10%

Nov 29 (Reuters) - SAUDI CABLE COMPANY SJSC 2110.SE:

SIGNS TRIPARTITE AGREEMENT TO TRANSFER DEBT OF AL-RAJHI BANKING AND INVESTMENT COMPANY AND TATHMEER INVESTMENT CO
ACCORDING TO AGREEMENT, AL RAJHI BANK TRANSFERRED ITS RIGHT TO AN OUTSTANDING INDEBTEDNESS OF SAUDI CABLE IN AMOUNT OF SAR 232.7 MILLION TO BENEFIT OF TATHMEER INVESTMENT CO
AGREEMENT AIMS TO HELP SCC TO GET OUT OF ITS CURRENT FINANCIAL CRISIS
TATHMEER INVESTMENT AIMS TO CAPITALIZE THIS INDEBTEDNESS LATER IN EXCHANGE FOR OWNERSHIP OF SHARES IN SAUDI CABLE COMPANY
AGREEMENT ENABLES SCC TO OPERATE EFFICIENTLY
AGREEMENT ENABLES SCC TO REDUCE ITS DEBT AND STRENGTHEN ITS POSITION IN COMPLETING FINANCIAL RESTRUCTURING PROCEDURE
AGREEMENT HAS BEEN APPROVED BY FINANCIAL RESTRUCTURING PROCEDURE BANKRUPTCY TRUSTEE
EXPECTS THE AGREEMENT WILL HAVE POSITIVE FINANCIAL IMPACT ON CO IN GENERAL, AND ON FINANCIAL RESTRUCTURING PROPOSAL, PARTICULARLY, IN Q1 2024

Source text for Eikon: ID:nSSE8dsqvW

Further company coverage: 2110.SE

((Reuters.Briefs@thomsonreuters.com;))

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