Al Akaria reschedules $549mln loan with SNB

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The company has restructured the loan, guaranteed by real estate mortgage and promissory notes, for 12 years with a four-year grace period

Staff Writer, Mubasher

June 16, 2022

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Riyadh – Saudi Real Estate Company (Al Akaria) has rescheduled its existing loan worth SAR 2.06 billion with Saudi National Bank (SNB) to suit the company's cash flows.

The company has restructured the loan, guaranteed by real estate mortgage and promissory notes, for 12 years with a four-year grace period, according to a bourse filing on Thursday.

The first facility of SAR 1.61 billion has a seven-year financing period with a grace period until the date of the first installment on 21 November 2021.

Meanwhile, the second facility of SAR 450 million is due to be paid on 21 August 2020.

It is noteworthy to mention that in the first quarter (Q1) of 2022, Al Akaria incurred net losses after Zakat and tax of SAR 29.40 million, an annual hike of 539.13% from SAR 4.60 million.

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