“Saudi Cables”: Rescheduling Qard Hassan worth 107.9 million riyals
The Saudi Cable Company announced the rescheduling of the Qard Al Hassan provided by Ibrahim Al Rajhi.
The company said in a statement on its website "Saudi Arabia trading"The reason for rescheduling is that the date of the first payment is due very close to the date of obtaining the loan.
She explained that the goal of rescheduling is to reduce first quarter obligations and improve working capital, which will have a positive impact on the company’s operational activities.
She indicated that the value of the loan is estimated at 107.9 million riyals, which is an interest-free good loan, and the entire amount has been rescheduled.
The repayment mechanism (before modification) is as The following:
1. Payment due on 01/15/2026 AD in the amount of 45 million riyals.
2. Payment due on 03/01/2026 AD in the amount of (10,430,397) million riyals.
3. Payment due on 03/03/2026 AD in the amount of (2,603,356.32) million riyals.
4. A payment due on 03/03/2026 AD in the amount of (49,905,561) million riyals.
In the event that the company does not commit to making payments in accordance with Paragraph (1) within three calendar days of any of the due dates, all payments will be held by the company without any consideration for the rest of the other due dates.
The payment mechanism (after rescheduling) is as follows:
1. A payment due by the end of the first quarter of 2026 in the amount of 45 million riyals.
2. The dates for the remaining payments, amounting to (62,939,314.85) million riyals, will be determined at a later time and will be announced at the time.
It stated that promissory notes for the full loan amount for the principal amount of the loan will be submitted, and the bonds will become effective after rescheduling.
It stated that Turki bin Ibrahim bin Mansour Al Rajhi (non-executive board member), noting that this contract will be presented to the General Assembly for a vote.
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