Amiantit clears debt with local bank by transferring subsidiary ownership

31/12/2023 Argaam
Saudi Arabian Amiantit Co.headquarters

Saudi Arabian Amiantit Co. headquarters

Saudi Arabian Amiantit Co. signed today, Dec. 31, a settlement agreement with a local creditor bank to transfer its entire stake in its wholly owned subsidiary, International Infrastructure Management and Operation Co., to a bank-affiliated investment fund.

 

In return, the bank will release Amiantit from its SAR 572.7 million debt, the company said in a statement to Tadawul. Hence, all the company’s financial obligations due to the bank are settled. 

 

Amiantit pointed out that the debt accounted for 50% of the company’s total bank obligations.

 

The financial impact of the deal is expected to result in a profit of SAR 482.5 million.

 

The detailed impact will be announced upon completing all regulatory procedures, the statement added. 

 

Tadawul halted Amiantit’s trading between 11:30 am and 1:30 pm upon the company's request ahead of announcing a material event, Argaam reported.

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