Sumou Real Estate says early repayment of credit facilities by Tanal to cut financing costs

17/11/2021 Argaam

Logo of Sumou Real Estate

Sumou Real Estate Co. said that the early repayment of SAR 800 million by Tanal for Real Estate Investment and Development - a sister company - to a local bank will contribute to reducing the financing expenses of the latter.

 

The company said in a bourse filing that this will have a positive impact on the financial results of Sumou Real Estate as of the current year.

 

According to data compiled by Argaam, Tanal made an early and full repayment of SAR 800 million credit facilities secured from a local bank.

 

Tanal is 69.38% owned by Arriyadh Development Co. (ARDCO), while Sumou Holding owns the remaining 30.62% stake.

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