PIF signs agreement to transfer Al Akaria’s remaining SAR 1.3 bln loan to finance ministry

13/10/2021 Argaam

Logo of Saudi Real Estate Co.

Saudi Real Estate Co. (Al Akaria) announced today, Oct. 13, receiving a letter from the Public Investment Fund (PIF) on its previously rescheduled loan, the company said in a bourse filing.

 

The PIF signed an agreement to transfer the remaining balance of Al Akaria’s remaining SAR 1.31 billion loan with the related rights and obligations to the Ministry of Finance, requesting an approval for the transfer to be effective.

 

Any future updates will be announced in due course, Al Akaria added.

 

On June 28, Al Akaria inked an agreement with PIF to reschedule an outstanding loan, according to data compiled by Argaam.

 

Under the agreement, Al-Akaria rescheduled the loan to SAR 1.3 billion from SAR 1.5 billion. It will be repaid in nine years and six months with a grace period until the date of the first installment on Jan. 1, 2022.

 

On Sept. 17, 2015, Al-Akaria signed a loan facility agreement with the PIF at SAR 1.5 billion.

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