Amiantit completes rescheduling all banking facilities worth SAR 1.1 bln

Logo of Saudi Arabian Amiantit Co.

Saudi Arabian Amiantit Co. completed the restructuring of all bank obligations, including full repayment to some banks and the rescheduling of the remaining bank loans, amounting to approximately SAR 1.1 billion, over a period of 10 years, including a grace period of two years. 

These agreements will contribute to improving the company's cash flows, enhancing its working capital and reducing the expenses of bank interests that it was previously paying, the company said in a bourse statement. 

On Oct. 28, Amiantit signed an agreement with Alinma Bank to reschedule the Islamic banking facilities, amounting to SAR 525.3 million.

On Oct. 4, it signed an agreement to reschedule banking facilities with Saudi National Bank (SNB) worth SAR 330 million.

Earlier in June, the company signed an agreement with Bank Albilad to reschedule the Islamic banking facility, amounting to SAR 268 million, according to data compiled by Argaam.

Amiantit repaid all bank loans worth SAR 107 million last January.