Saudi Cable provides SAR 106.4M bank guarantee to SIDF

Saudi Cable said the SAIB guarantee will remain valid and effective until Dec. 25, 2026

Saudi Cable Co. said it has provided a bank guarantee of SAR 106.4 million from The Saudi Investment Bank (SAIB) to the Saudi Industrial Development Fund (SIDF) without interest or fees.

In a statement to Tadawul, the company said the guarantee was provided against its indebtedness to SIDF and may be liquidated by the fund if the company fails to settle its dues before Dec. 1, 2026, or if its request for an increase in capital via a rights issue is cancelled for any reason.

The guarantee shall remain valid until Dec. 25, 2026, and may be extended upon a written request from SIDF for a period not exceeding 365 days from the original expiry date or from the date of expiry of subsequent extensions.

SAIB submitted the bank guarantee offer on Jan. 14, while SIDF approved its acceptance on Jan. 27.

Saudi Cable stated that a personal guarantee for the full amount was provided to the bank by Turki Al-Rajhi (non-executive board member), a related party.