Tihama Advertising and Public Relations Co. signed on Monday an agreement with the General Authority for King Fahd Causeway (KFCA) to reschedule SAR 13.9 million in debt, the company said in a bourse statement.
The first payment on May 1, 2016 will amount to SAR 1.4 million, followed by monthly payments of SAR 569,130 through March 1, 2018, Tihama added.
The agreement is part of the company’s plan to restructure debt and transfer short-term commitments into long-term ones.
Last October, Tihama said the court of appeal affirmed a previous judgment issued against the company to repay SAR 13.9 million to KFCA.
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