Saturday, 2 March 2024

Nama Signs Final Agreement with SIDF to Restructure Existing Loans Of SR 451.mln

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Nama Chemicals Company announced on Sunday that it has signed the final agreement to restructure the existing loans with the Saudi Industrial Development Fund (SIDF), which includes the following statement:

– Existing loans rescheduled balance: SR451.626 after paying Yansab shares sale proceeds (SR139,653,023) as a prerequisite for developing the final agreement

Payment schedule: seven years (2+5), including grace period until May 6, 2023, the repayments extended until March 24, 2027.

اقرأ المزيد

Important terms and conditions: The agreement included:

The Company undertakes to deposit the rental proceeds of the investment property owned by Nama chemicals for the Saudi Industrial Development Fund, and it is considered as a partial payment of the subsequent installments.

The company undertakes to work with SIDF to improve Aljubail Chemicals Company Jana (a wholly owned affiliate company) financial position.

All guarantees \ pledges previously provided to the Fund shall continue to exist.

Finally, Nama management said it “appreciates the continuous support of the SIDF’s management represented by his excellence minister of industry and mineral resources- Mr Bandar Alkhorayef, executive management and the working team to the company and its strategic plans.

Further to the company announcement on Tadawul website on April 4, 2021, regarding Nama’s board of directors’ approval on the offer submitted by the Saudi Industrial Development Fund, rescheduling its defaulted loans amounting to SR591, 279.

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