Al Kathiri temporarily suspends ready-mix concrete operations

Al Kathiri Holding Co. (Al Kathiri) announced on Wednesday the temporary suspension of its ready-mix concrete operations until further notice.

The company said in a statement on Tadawul that the decision is in line with the government's precautionary measures undertaken to curb the coronavirus spread, including the imposition of 24-hour coronavirus curfew.

The company added it cannot determine the financial impact of the suspension at present and will disclose any further developments in due course.

The company obtained the approval of its lenders (banks and finance companies) to postpone the payment of their dues for a period of 6 months, in line with the Saudi Arabian Monetary Authority’s (SAMA) SAR 50 billion financing package.

Last month, SAMA launched an SAR 50 billion financing package to support the private sector, especially the small and medium enterprises (SMEs), and mitigate the potential economic impacts of the coronavirus outbreak, Argaam reported.

SAMA funding is aimed at granting SMEs 6-month deferrals on bank payments, concessional financing and exemptions from the costs of a loan guarantee program.