Nama Chemicals Company announces that it has received a notice of violation from the Saudi Industrial Development Fund regarding a loan to Jubail Chemical Industries Company (JANA) one of the subsidiaries
| Element List | Explanation |
|---|---|
| Announcement Detail | Nama Chemicals Company announces that it has received an official notice of violation from the Saudi Industrial Development Fund on November 17,2024 regarding its commitment to the guarantee under the loan agreement for Jubail Chemical Industries Company (JANA). one of the subsidiaries
Key details: Loan 1501 Amount: 139,873,000 Saudi riyals Loan 1899 Amount:276,042,977 Saudi riyals Nama Chemicals Company guarantees 100% of the loan value Settlement Period: 30 working days from the date of notification, as stipulated by Article 13 of the State Revenue Law. Continuity in negotiations: The company will continue the negotiations with the Saudi Industrial Development Fund to discuss a fair and acceptable payment plan for both parties to fulfill obligations and guarantees. Financial Impact Assessment: The impact of SIDF demand notice on NAMA Chemicals financials – An amount of SR 218,307,000 out of long-term loan- noncurrent portion of SR 253,550,000 will move to long term loan – current portion. After transferring SR 218,307,000 total noncurrent liabilities will reduce to SR 35243,000 and long-term loan- current portion will increase to SR 440,993,000 |
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