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Emaar, The Economic City Announces Receiving a Notice of the Novation by the Ministry of Finance of its Loan to the Public Investment Fund
| Element List | Explanation |
|---|---|
| Announcement Detail | Emaar, The Economic City (the “Company”) announces receiving a notification from the Ministry of Finance (“MoF”) on 02 Rabi Alawwal 1446H (corresponding to 05 September 2024G) providing that a novation agreement has been executed on 02 Rabi Alawwal 1446H (corresponding to 05 September 2024G) between the MoF and the Public Investment Fund (the “PIF”) whereby the remaining amount of the loan due by the Company to the MoF pursuant to the loan agreement entered into between the Company and the MoF dated 20 Jumada AlAkhirah 1432H (corresponding to 23 May 2011G) as amended and all commissions on the same (the “Loan”) has been novated in full by the MoF to the PIF (the “Novation”). The outstanding amount of the Loan as of 01 June 2024 is SAR 2,911,604,223. Pursuant to the Novation, the Company, MoF, and the PIF signed a mortgage novation agreement on 04 Rabi Alawwal 1446H (corresponding to 07 September 2024G) to novate mortgages given to the MoF to the benefit of the PIF. The Company notes that right before the novation, the MoF agreed to the Company’s request to reschedule the loan by granting a one-year grace period until the next instalment on 01 June 2025G, as well as capitalizing the interest due in 2024 amounting to approximately SAR 191,780,738, which forms part of the novation. Following the Novation, there will be no liability or amounts due from the Company to the MoF under the Loan. The Novation is not expected to have a financial impact on the Company. The PIF is a related party given that it is a substantial shareholder 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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