Riyadh – Mubasher: Saudi Arabian Amiantit Company has signed an agreement to reschedule Islamic banking facilities worth SAR 268 million with Bank Albilad.

Rescheduling the Islamic banking facilities aims to improve and arrange the company's cashflow, enhance its operations, and reduce the annual financial charges, according to a bourse filing on Wednesday.

This step will also have a positive impact on the company's performance during the next period.

Before scheduling, the financing period was Bai Ajel STL of SAR 258.24 million and Bai Ajel MTL of SAR 9.76 million.

After scheduling, the financing period will include Bai Ajel limit of SAR 268 million for a 10-year tenor, including a 2-year grace period, repaid on semiannual installments and profit to be paid semiannually during the grace period.

The last installment should not exceed 31 December 2031.

In the financing period after scheduling, Bai Ajel/ LC Musharakah sublimit of SAR 80 million will also be availed against any repaid installment from the main limit not exceeding 30% from gross limit to finance working capital requirements.