Nama Chemicals signs final agreement to restructure SAR 451.6 mln loans with SIDF

Logo of Nama Chemicals

Nama Chemicals Co. signed the final agreement to restructure outstanding loans with the Saudi Industrial Development Fund (SIDF), including the total outstanding rescheduled loans worth SAR 451.62 million after payment of Yansab shares sale proceeds of SAR 139.7 million as a prerequisite for developing the final agreement.

The payment schedule stretches over seven years, including a grace period until May 6, 2023. The repayments extended until March 24, 2027, the company said in a statement to Tadawul.

Under the agreement, Nama undertakes to deposit the rental proceeds of the investment property it owned in favor of SIDF, which is deemed a partial payment of the subsequent installments.

The company undertakes to work with SIDF to improve the financial position of Jubail Chemical Industries Co. (JANA), a wholly-owned subsidiary of Nama.

All guarantees or pledges previously provided for SIDF will continue to exist, Nama noted, adding that there is no financial impact from delays on its financial results.

On April 1, 2021, Nama’s board of directors approved a final offer from SIDF to reschedule its defaulted loans, Argaam earlier reported.