National Building unit signs agreement to reschedule SAR 39 mln loan with SIDF

Logo of National Building and Marketing Co.

National Building and Marketing Co. stated that its fully owned subsidiary, Ajeej Steel Manufacturing Co., signed on Nov. 19 a final agreement to reschedule the existing loan with the Saudi Industrial Development Fund (SIDF).

The company rescheduled SAR 39 million out of the total financing amount of SAR 91 million, according to a Tadawul statement.

The loan was to be paid in semiannual instalments until Dec. 28, 2023, before the reschedule, the company said, and will be paid in five semiannual instalments from April 24, 2024, until April 3, 2026, under the reschedule plan.

Ajeej paid SAR 52.1 million out of the total financing amount.

The debt rescheduling aims to boost the company's financial position in line with its cash flows, and the previously offered guarantees were maintained.