Alandalus Property Co. on Monday agreed with Al Rajhi Bank to scrap the SAR 172 million long-term finance facility arranged under the SAR 212 million Tawarruq deal concluded with the bank last February.
The amendment came as the developer no longer needs the required finance, Alandalus said in a bourse statement.
The company added that it received no funds from the facility.
Meanwhile, Alandalus also agreed to halve the short-term loan earlier agreed under the same deal to SAR 20 million, which were actually used by the company.
A total of SAR 10 million were repaid, while the rest will be paid off by November 21, 2017.
There will be no financial impact from that agreement on the company, the statement added.
Comments {{getCommentCount()}}
Be the first to comment
رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}
{{comment.DisplayName}}
{{comment.ElapsedTime}}