Riyadh – Mubasher: Alujain Corporation sold its 98.75% equity in Zain Industries’ shares at a value of SAR 15.20 million, according to a bourse disclosure.

The Saudi firm noted that the transaction will reflect on its income statements during the second half (H2) of 2023, adding that it will use the proceeds for general corporate purposes.

Meanwhile, the net assets will be determined, verified, and paid within 120 days after the sale, based on the company’s financial results which will be prepared within 90 days.

Financing Agreement

In another bourse filing, the company amended its credit facilities agreement with Alinma Bank to SAR 1.26 billion, instead of SAR 1 billion as per the deal signed in August 2021.

The listed firm inked the rescheduling of the loan on 10 July to endorse its investment activities at the most competitive rates and terms.

Alujain highlighted that the remaining rescheduled part amount to SAR 863.56 million.

Secured by promissory notes and mortgage shares, the new financing deal holds a tenor of nine years, including a one-year grace period. 

Last year, Alujain logged net profits after Zakat and tax valued at SAR 119.29 million, a 92.65% plunge from SAR 1.62 billion in 2021.