Riyadh – Mubasher: Takween Advanced Industries Company has signed an agreement with a number of local banks to reschedule a debt of SAR 429.4 million.

The debt is part of previous Murabaha facility agreements worth SAR 1.3 billion, signed in March 2015, according to a company statement to the Saudi Stock Exchange (Tadawul).

The participating banks are Arab National Bank (ANB), Samba Financial Group, and Bank Albilad.

Prior to the rescheduling, the finance period was seven years with semiannual payments set to end on 11 September 2021. However, it has now been extended from 12 May 2020 to 11 September 2024.

The aim is to enhance the company’s cash flows and financial position.