Riyadh – Mubasher: Ajeej Steel Manufacturing Company, a subsidiary of National Building and Marketing Company, has signed a final agreement with the Saudi Industrial Development Fund (SIDF), on 28 December, to restructure SAR 88.1 million worth of loan.
The approved restructured debt, which is part of the total SAR 91.1 million credit facility, will be repaid in semiannual instalments until 30 October 2023, instead of 12 December 2019, according to a bourse filing on Wednesday.
National Building will secure a guarantee covering 100% of the loan amount, in addition to the previously provided guarantees.
It is worth noting that the subsidiary has used SAR 58 million of the total credit facility offered by SIDF, which was secured before National Building acquire Ajeej.
