Al Reef Sugar secures SAR 840 mln loan from SIDF

16/06/2016 Argaam

Al Reef Sugar Refinery Co. has signed on Wednesday a SAR 840 million long term credit agreement with Saudi Industrial Development Fund (SIDF) for eight years starting from 2020.

 

The credit is intended to finance 75 percent of a sugar refinery plant in Jazan, Al Abdulllatif Industrial Investment Co. said in a statement to Tadawul.

 

The loan is secured by Al Reef’s assets, as well as a letter of guarantee from its shareholders.

 

Jazan Development Co. and Al Abdullatif each own a 15 percent stake in Al Reef Sugar, worth SAR 45 million of the company’s total capital of SAR 300 million.

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