Saudi Cable repays SAR 110 mln; creditors waive SAR 204 mln debt

26/12/2018 Argaam

 

Saudi Cable Co. (SCC) on Tuesday signed a final restructuring agreement with its creditors to repay SAR 109.76 million debt.

 

The lenders will immediately waive the remaining debt of SAR 203.8 million, the cable maker said in a bourse statement.

 

The company added that it expects one-off gains of SAR 203.84 million from the debt restructuring in Q4 2018.   

 

In February 2016, SCC signed restructuring agreements with Al Rajhi Bank, National Commercial Bank (NCB), Bank Aljazira and BNP Paribas to repay its SAR 798 million debt over seven years, Argaam reported.

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