Emaar The Economic City Announces the Rescheduling of Murabaha financing of SAR 1.7 billion offered by Alinma bank
| Element List | Explanation |
|---|---|
| Introduction | With reference to the two announcements made by Emaar the Economic City on Tadawul on 18/02/1436 AH corresponding to 10 December 2014 AD and 16/08/1436 AH corresponding to 03 June 2015 AD regarding signing a Murabaha financing agreement with Alinma Bank, the Company announces that is has entered into a rescheduling agreement with Alinma bank revising the terms of the facility.
The amended terms of the facilities for the total amount to 1,700 million Saudi Riyals (Facility for 800 million Saudi Riyals and Facility for 900 Million Riyals) include a grace period of 3 years and a repayment over 7.5 years in semi-annual installments. |
| Date of Signing the Credit Facility Rescheduling | 2020-09-15 Corresponding to 1442-01-27 |
| Financier | Alinma bank |
| Reasons for rescheduling | Facilitation of the company’s cash flow position and enhancement of its ability to meet its commitments |
| Credit facility Amount and Rescheduled Amount | One billion and 700 million Saudi riyals |
| Financing Duration, before and after Rescheduling | 15 years |
| Guarantees Provided for the Rescheduled Credit Facility | The company provided a land located within King Abdullah Economic City as a collateral along with signing promissory notes for the amount of the loan |
| Related Parties | none |
| Additional Information | none |
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