Nama Chemicals says SIDF extends JANA deadline to repay loans until May-end

The request relates to loan No. (1899) provided by the Saudi Industrial Development Fund (SIDF), amounting to SAR 276.04 million.

In a statement to Tadawul, the company said it received on Feb. 26 the SIDF’s approval on a grace period to repay that loan and loan No. (1501) for a total amount of SAR 139.87 million until the end of May 2026, subject to the final approval of the Administrative Enforcement Court.

Accordingly, the company submitted the approval letters granting the repayment grace period to the court’s judicial circuits by filing enforcement disputes for both enforcement requests filed against it.

A hearing has been scheduled to consider the grace period request related to loan No. (1501), while the company is still awaiting the scheduling of a hearing for the request related to loan No. (1899).

Based on its understanding with SIDF, the company also sent a letter to the fund on Feb. 26, 2026, requesting the rescheduling of the two aforementioned loans.

Nama Chemicals is still awaiting the fund’s response to this request, the statement.

The company affirmed that it continues to closely monitor the matter and is taking the necessary measures to address the related liabilities as part of its plan to manage its financial obligations and maintain business continuity.

It added that it will disclose any further developments in due course and will later announce the costs associated with that loan extension and rescheduling.

According to data available with Argaam, Nama Chemicals received, in November 2024, an official notice from SIDF regarding its commitment to the guarantee provided under the loan agreement for JANA.

Nama Chemicals’ shareholders approved the non-binding offer submitted by FAAD Partners to acquire a 40% stake in JANA for SAR 200 million during the ordinary general meeting (OGM) held in March 2025, under the agreed terms and conditions.

Additionally, the company received a notice in June 2025 from SIDF, granting in-principal approval for FAAD Partners to complete the acquisition of a 40% stake in JANA.

In February 2026, Nama Chemicals announced that its subsidiary JANA received an enforcement order from the Administrative Enforcement Court on Dec. 24, 2025, regarding loan No. (1899) for a total amount of SAR 276.04 million.

It also received an enforcement order from the Administrative Enforcement Court on Dec. 25, 2025, regarding loan No. (1501) for a total amount of SAR 139.87 million.