Saudi Arabian Mining Company (Ma’aden) announces the transfer of debt held by the Public Investment Fund from MRC to Ma’aden.
| Element List | Explanation |
|---|---|
| Announcement Detail | Referring to the announcement of Saudi Arabian Mining Company (Ma’aden) (the “Company”) made on 23/10/1440H (corresponding to 26/06/2019G, and further to the announcement of the Company made on 24/01/1432H (corresponding to 20/12/2019G) related to the debt provided by the Public Investment Fund (the Fund) to Ma'aden Rolling Company (MRC).
The Company announces that Ma'aden Rolling Company’s (“MRC”) remaining debt to the Public Investment Fund (the “Fund”) in the amount of USD 796,370,000 (SAR 2,986,387,500) is being transferred to the Company and the Company will assume the amount of the debt obligation to the Fund.
PIF has representatives on the Company’s board. Also, the Company’s Board member Engr. Abdullah Al-Issa chairs the board of Riyad Bank which is a lender to MRC.
The company will announce in due course any details and further information related to this matter. |
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