Amiantit clears debt with local bank by transferring subsidiary ownership

31/12/2023 Argaam

Amiantit clears debt with local bank by transferring subsidiary ownership

Saudi Arabian Amiantit Co. headquarters

Saudi Arabian Amiantit Co. signed today, Dec. 31, a settlement agreement with a local creditor bank to transfer its entire stake in its wholly owned subsidiary, International Infrastructure Management and Operation Co., to a bank-affiliated investment fund.

 

In return, the bank will release Amiantit from its SAR 572.7 million debt, the company said in a statement to Tadawul. Hence, all the company’s financial obligations due to the bank are settled. 

 

Amiantit pointed out that the debt accounted for 50% of the company’s total bank obligations.

 

The financial impact of the deal is expected to result in a profit of SAR 482.5 million.

 

The detailed impact will be announced upon completing all regulatory procedures, the statement added. 

 

Tadawul halted Amiantit’s trading between 11:30 am and 1:30 pm upon the company's request ahead of announcing a material event, Argaam reported.

Comments {{getCommentCount()}}

Be the first to comment

{{Comments.indexOf(comment)+1}}
{{comment.FollowersCount}}
{{comment.CommenterComments}}

رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}

{{comment.DisplayName}} حساب موثّق

{{comment.ElapsedTime}}
loader Train
loader Train
Sorry: the validity period has ended to comment on this news
Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.

Most Read