Middle East Specialized Cables Co. (MESC) has inked a debt-rescheduling agreement
with a consortium of banks that includes Alawwal Bank, Arab National Bank, Banque Saudi Fransi, Riyad Bank and The Saudi British Bank, the company said in a bourse filing.
Under the agreement, the credit facility tenure will be extended until April 30, 2019, instead of Oct. 31, 2018.
A total of SAR 268.9 million will be rescheduled.
This agreement included no third parties. MESC will duly unveil the related positive impact.
In May, the company extended a sharia-compliant credit facility agreement with Alawwal Bank and other Saudi lenders. The credit facility tenure was extended from five years to seven years until December 31, 2019, Argaam previously reported.
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