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

Logo of Saudi Cable Co.

Saudi Cable Co. (SCC) signed a tri-party 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, 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 operate efficiently, deleverage, and succeed in completing the financial restructuring measures.    

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

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

In addition, 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.   

Noble Resources will not be liable now or in the future for any claims or disputes that might arise between Rawafid Al-Mustaqbal and SCC pertaining to this debt assignment.    

The contract will be valid until the required approvals are obtained and the debt assignment is completed in exchange for the debt repayment. Overall, the deal will likely have a positive impact on the company, and on the financial restructuring proposal in particular in Q1 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.