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Saudi Arabian Amiantit announces the signing of a settlement agreement for all due facilities to Saudi National Bank amounting to SAR 313 million with a 50% discount, and that after the availability of the expected proceeds of the capital increase
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| Announcement Detail | In reference to what was mentioned in the prospectus that was attached in the announcement of the extraordinary general assembly invitation to increase the company's capital on 17-07-1445H corresponding to 29-01-2024G, regarding the settlement of bank obligations to the Saudi National Bank, Saudi Arabian Amiantit is pleased to announce to the shareholders that on 05-08-1445H corresponding to 15-02-2024G, an agreement was signed to settle the entire facilities due to the Saudi National Bank amounting to SAR 313 million, by getting a discount on settlement by 50% over the total outstanding liabilities due to the bank from the Company, where the amount of SAR 156.5 million will be paid, and the Company will be exempted from the remaining amount of SAR 156.5 million as a settlement of the entire facilities due to the Bank. Noting that this settlement is conditional on the availability of cash in-flow from the expected proceeds of the capital increase through rights issue, in case that the extraordinary general assembly scheduled to be held on 10/08/1445H corresponding to 20/02/2024G has approved the capital increase. It is worth noting that in case of settlement as mentioned above, an accounting profit of SAR 156.5 million will be recognized as an expected financial impact, and no expected cash in-flow will result within the company as a result of this transaction. In reference to the announcement that issued this morning for Alinma Bank, in addition to the signing of the above-mentioned agreement with the Saudi National Bank, the total financial impact of these two transactions is to record an accounting profit of SAR 639 million and will not result in any expected cash in-flow within the company, which means an increase in shareholders' equity by SAR 639 million. The company is also pleased to announce to its shareholders that with these two transactions, approximately 77% of the total bank obligations due from the company will have been settled, and the remaining only is the bank obligation with Albilad Bank amounting to SAR 268 million, rescheduled for ten years as previously announced. The Company would like to confirm that the completion of the above transaction with Saudi National Bank is conditional on the approval of the Extraordinary General Assembly for the capital increase through rights issue and the availability of proceeds resulting from this increase. |
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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