Logo of Watani Iron Steel Co. (Watani Steel)
Watani Iron Steel Co. (Watani Steel) fully repaid the installments of the long-term loan obtained from the Saudi Industrial Development Fund (SIDF), according to a Tadawul statement today, Jan. 18.
It also paid all costs of follow-up and supervision related to the loan. This will boost the steel producer’s financial solvency and strengthen its financial position, Watani Steel noted.
In 2022, SIDF approved rescheduling the remaining debt payment due on May 17 for additional two months until July 14, 2022, Argaam earlier reported.
The company used SAR 164.01 million under the loan agreement, of which SAR 130.51 million was repaid. The remaining SAR 9.250 million was restructured for additional two months.
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