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Saudi Arabia's Nama Chemicals has finalized the sale of its entire stake, or 2 million shares, in Yanbu National Petrochemical Co. (Yansab) for 139.65 million riyals ($37 million) after commissions and value-added tax (VAT), the company said in a Tadawul bourse filing.
The move came after Nama sought to reschedule its bad debts amounting to 591 million riyals with the Saudi Industrial Development Fund (SIDF) in April.
The terms and conditions of the rescheduling included sale of Yansab shares that were previously pledged to the fund as a condition for signing the final rescheduling agreement.
The proceeds from the sale will be used as one-time partial repayment of Nama's debt to SIDF, the disclosure said.
Nama said it expects the net realized profit from the sale, amounting to 119.60 million riyals to appear in the item of retained earnings as part of equity, which will dispose the entire accumulated losses of the company.
(Writing by Brinda Darasha; editing by Seban Scaria)
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