The company said in a statement to the Saudi market (Tadawul) today, Tuesday, that it has signed an agreement to reschedule the remaining portion of the 429.4 million riyals of the Murabaha facility agreement.
She explained that the Murabaha facility agreement totaled 1.3 billion riyals, which was previously signed on March 11, 2015 with a group of Saudi banks.
She pointed out that the Saudi banks with which the agreement was signed are the Arab National Bank, Samba Financial Group and Bank Albilad.
She stated that the reason for rescheduling the financing was to improve the company's cash flow and statement of financial position.
She indicated that the term of financing after rescheduling is 5 years, starting from May 12, 2020 and ending on September 11, 2024, and will be paid in semi-annual installments.
As for the guarantees provided against the rescheduled financing, they are mortgaging the shares of the Saudi Plastic Packaging Company (Savola for packaging systems previously), the income account, and the income account mortgage for the subsidiaries of the company The formation and continuity of the bond for the site order, and the continuity of the legal guarantee provided by Al-Othman Holding Company.
