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Emaar The Economic City announces the signing of a term loan facility agreement with one of its substantial shareholders
4220
EMAAR EC
0.16
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1444/07/29 20/02/2023 08:45:15
| Element List | Explanation |
|---|---|
| Introduction | Emaar The Economic City (“EEC” or the “Company”) announces the signing of a term loan facility agreement of up to SAR 1,000 million with one of its substantial shareholders (the Public Investment Fund). |
| Date of obtaining the funding | 2023-02-19 Corresponding to 1444-07-28 |
| Financing entity | Public Investment Fund |
| Financing amount. | Up to SAR 1,000 million to be repaid through a single bullet payment at maturity |
| Financing duration. | 18 months from the date of the loan agreement |
| Guarantees offered for the financing | Security over certain real estate assets within King Abdullah Economic City (“KAEC”) with a market value of no less than SAR1,500 million. The Company has also provided promissory notes pursuant to the agreement. |
| Financing objective | To enhance strategic plans and projects in King Abdullah Economic City KAEC. These projects and plans will help support the growth and development of KAEC to become a leading industrial, commercial and tourism hub for the Western Coast of the Kingdom of Saudi Arabia. |
| Related Parties | Public Investment Fund as one of the substantial shareholders in the Company. |
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.
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Last Price 12.7
Net Change 0.02 (+0.16%)
Value Traded (Sar) 2,995,296.54
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