Riyadh - Mubasher: Saudi Cable Company signed a Sharia-compliant credit facility agreement with Saudi Investment Bank (SAIB) on 21 July 2026 totaling SAR 20 million.

The financing is structured as a Murabaha facility for the purchase and sale of commodities, intended to fund and support the company’s strategic operational plans.

The credit arrangement is scheduled to expire on 31 May 2027, with the option for renewal subject to a written agreement between both parties.

To secure the facility, promissory notes were provided by non-executive board member Turki bin Ibrahim bin Mansour Al Rajhi and executive board member Fares bin Mansour bin Mohammed Al Rajhi.

In addition to the promissory notes, Saudi Cables has assigned future dividend distributions from Midal Cables to Saudi Investment Bank as collateral.

This assignment serves as a guarantee in the event of default, limited to the total value of the credit facility. Both Turki Al Rajhi and Fares Al Rajhi are identified as related parties to the transaction.