Saudi Cable Co. (SCC) signed a binding agreement with its main creditors Al-Rajhi Bank, National Commercial Bank (NCB), and Bank Al-Jazira to reschedule SAR 640 million debts.
Under this agreement, SCC will have a standstill until March 2016 and will repay the facilities over eight years.
The company will complete its rights issue by December 2017.
Paperwork required for the debt restructuring is expected to be finalized by the end of the second quarter, the electric cable manufacturer said in a statement to Tadawul.
According to data compiled by Argaam, the market regulator decided on February 25 to suspend trading on the stock as the company failed to report its 2014 figures within the specified period.
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