Jabal Omar says Ministry of Finance defer due installments on outstanding credit

29/03/2020 Argaam

 

Jabal Omar Development Co. received the Ministry of Finance’s approval on deferring all installments due before December 31, 2020 on an outstanding credit until June 30, 2021, the company said in a bourse statement.

 

The ministry is also willing to provide support to the company in rescheduling other outstanding loans, the statement added.

 

The real estate developer expects this decision to have a positive impact on its cash flows.

 

In December 2011, Jabal Omar inked a SAR 3 billion credit from the Ministry of Finance, repayable on 8 years after a grace period of 2 years, according to data compiled by Argaam.

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