Amiantit Resolves SAR 313 Million Debt with National Bank at 50% Discount

Saudi Arabian Amiantit Company announced on Sunday the successful settlement of all its obligations to the Saudi National Bank, totaling SAR 313 million, at a 50% discount. The company accomplished this by utilizing SAR 156.5 million from the proceeds of a capital increase, effectively clearing its debt and being relieved of any further obligations to the bank.

In its statement on Tadawul today, Amiantit noted that this transaction will result in an accounting profit of SAR 156.5 million. However, there will be no cash inflow associated with this profit for the company. The financial impact of this settlement will be reflected in the first-quarter financial statements of 2024.