Amiantit Completes Transfer of Subsidiary to Alinma Bank, Settling Obligations

Saudi Arabian Amiantit Co. announced the successful completion of the transfer of ownership of its subsidiary to Alinma Bank’s investment fund on Thursday. The company has now fulfilled all its obligations to Alinma Bank, totaling SAR 572.7 million, representing approximately 50% of its total outstanding liabilities to banks.

According to the company, this transaction will result in an accounting profit of SAR 482.5 million, although it will not generate any cash inflow. The financial impact will be reflected in the first-quarter financial statements for 2024.

Additionally, the company indicated that the reduction in accumulated losses will be communicated through a separate announcement following the auditor’s report issuance.