| Element List | Explanation |
|---|---|
| Announcement Detail | Jazan Development and Investment Company (JAZADCO) announces receipt of an official notification from the Saudi Industrial Development Fund (SIDF) On 17 November 2024 concerning its guarantee obligation under Loan Agreement issued to Al-Reef Sugar Refinery Company.
Key Details: • Loan Amount: SAR 672,000,000 • JAZADCO Guarantee Obligation: 15% of the loan value (SAR 100,800,000) • Settlement Period: 30 working days from the date of notification, as stipulated by Article 13 of the State Revenue Law.
Planned Actions by JAZADCO:
1. Fair Valuation Request: JAZADCO will formally request the Board of Al-Reef Sugar Refinery Company to commission an independent fair valuation of the company’s assets. Additionally, JAZADCO will support efforts to identify potential buyers for the company’s assets to mitigate financial exposure.
2. Engaging in Negotiations: Concurrently, JAZADCO will engage with SIDF to explore a structured and mutually agreeable payment plan to fulfill its guarantee obligation responsibly.
Financial Impact Assessment: JAZADCO is assessing the financial impact of this obligation, and the impact on the financial statement will be disclosed immediately after the above procedures are applied. |