Emaar EC shareholders nod to term loan with PIF, land sale to Ceer

Logo of King Abdullah Economic City (KAEC) 

Shareholders of Emaar The Economic City (Emaar EC) approved a term loan agreement of up to SAR 1 billion, which was earlier signed with the Public Investment Fund (PIF) for 2022, during the ordinary general meeting (OGM) held on June 8.

The facilities agreement included no preferential terms.

In a statement to Tadawul, Emaar EC said Chairman Fahad Al-Saif and board member Naif Al-Hamdan have indirect interest in this agreement.

Shareholders also approved the transactions and contracts conducted with Ceer, Saudi Arabia’s first electric vehicle brand, for 2022.

The company added that Al-Saif and Majed Al-Sorour (a former board member) have indirect interest in these contracts, which included a land sale deal to build and operate an automotive manufacturing and assembly facility equipped with all ancillary services, for SAR 359.04 million, with no preferential terms.

In February, Emaar EC signed a term loan agreement of up to SAR 1 billion with PIF, a major shareholder, Argaam earlier reported.