Saudi Cable shareholders reject Al Rajhi Bank debt assignment deal

Logo of Saudi Cable Co.

Saudi Cable Co.'s (SCC) shareholders rejected a debt assignment agreement involving the company, Tathmeer Investment Co., and Al Rajhi Bank, the company said in a statement to Tadawul following its extraordinary general meeting held on June 22.

 

Shareholders also rejected a separate agreement to capitalize Al Rajhi Bank’s debt and convert it into equity shares in favor of Tathmeer.

 

 

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In November 2023, Saudi Cable signed a tripartite agreement with Al Rajhi Bank and Tathmeer, under which Al Rajhi transferred to Tathmeer its rightful claim on a due debt worth SAR 232.74 million from Saudi Cable, according to data available with Argaam.

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