Saudi Cable Co expects financial restructuring to be completed by the end of the first quarter 2014

Saudi Cable Co., a manufacturer of power and telecom cables and reels, said that negotiations with banks on financial restructuring was advancing positively as part of the company’s SAR 500 million rights issue requirements.

Restructuring is expected to be completed by the end of the first quarter of 2014, the company said in a statement to the Saudi bourse, Tadawul.

The company has signed an agreement with Lazard, a financial consultant firm, for restructuring of the company’s financial requirements over the long term through converting its short-term debts to long-term debts, with additional funding for the working capital.

In April, 2013, the company’s board decided to increase its share capital through a SAR 500 million rights issue.