Watani Steel reschedules long-term facility from SIDF for additional 2 months

09/06/2022 Argaam

Logo of Watani Iron and Steel Co.

Watani Iron Steel Co. (Watani Steel) obtained on June 8 the approval of the Saudi Industrial Development Fund (SIDF) to reschedule the remaining debt payment due on May 17 for additional two months, according to a bourse filing.

 

The loan agreement totaled SAR 164.01 million, of which SAR 130.5 million was paid, and an amount of SAR 9.250 million will be restructured for additional two months from May 17 to July 14, 2022.

 

The approval was guaranteed by a fixed-asset mortgage and a promissory note.

 

The facility reschedule aims to boost the company’s financial position, the statement added.

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