‎Al Akaria reschedules SAR 2.1 bln mortgage with SNB

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Al Akaria place


Saudi Accurate Property Co. (Al-Akaria) signed, on June 15, an agreement with Saudi National Monetary institution (SNB) to reschedule an prominent mortgage of SAR 2.07 billion, the company said in a bourse statement. 

Beneath the agreement, all the mortgage shall be repaid in 12 years with a four-year grace duration.

The financing duration of time for the principle facility price SAR 1.62 billion was as soon as seven years with a grace duration unless the principle installment date on Nov. 21, 2021.

The second facility amounting to SAR 450 million was as soon as due on Aug. 21, 2020.

The debt rescheduling comes in step with the company’s future money flows. The amenities are assured by a proper estate mortgage and a promissory display veil.

There are no longer any connected parties to the agreement, Al Akaria concluded.