Emaar EC reschedules SAR 1.7 bln financing deal with Alinma Bank

16/09/2020 Argaam

Emaar the Economic City (Emaar EC) rescheduled, on Sept. 15, the Murabaha financing agreement with Alinma Bank revising the terms of the facility.

 

The company said in a bourse statement that the rescheduling was done to facilitate cash flow position and enhance its ability to meet its commitments.

 

The amended terms of the facilities amounted to SAR 1.7 billion (facility for SAR 800 million and facility for SAR 900 million), including a grace period of three years and a repayment over 7.5 years in semi-annual installments.

 

The total financing duration is 15 years -- with before rescheduling term from Dec. 2014 to Aug. 2023 and after rescheduling from Sept. 2020 to Dec. 2030, the statement said, adding that there are no related parties.

 

The company provided a land located within King Abdullah Economic City as collateral along with signing promissory notes for the amount of the loan.

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