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 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 an 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 (former board member) have an indirect interest in these contracts, which include a land sale agreement to build and operate an automotive manufacturing and assembly facility with all ancillary services, for SAR 359.04 million, without any preferential terms.
In February, Emaar EC signed a term loan agreement of up to SAR 1 billion with the Kingdom’s sovereign wealth fund, a major shareholder, Argaam reported.
Comments {{getCommentCount()}}
Be the first to comment
رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}
{{comment.DisplayName}}
{{comment.ElapsedTime}}