SIDF nods to exempt Wafrah from financial pledge of current ratio to liabilities for 2021

Logo of Wafrah for Industry and Development Co.

Wafrah for Industry and Development Co. announced that Saudi Industrial Development Fund (SIDF), approved its request to be exempted from the financial pledge related to the ratio of current assets to current liabilities for 2021.

The company received SIDF’s letter on Sept. 28, according to a bourse filing.

In May 2012, Wafrah signed a loan contract with SIDF worth SAR 34 million, to finance the frozen potato chips production line within the vegetable freezing factory, to be repaid in semi-annual installments, according to data compiled by Argaam.

In November 2019, the company announced the SIDF’s approval to amend the loan contract, by amending the payment schedule for the outstanding balance of SAR 28 million, in six semi-annual installments starting on Nov. 30, 2020, and ending on May 5, 2023.