Mayar units reschedule SAR 88M facilities with SAB

Mayar units restructure liabilities through facility rescheduling

Mayar Holding Co.’s subsidiaries, Gulf Elevators & Escalators Co. and Jadaya Halal Co., signed two Shariah-compliant facility agreements with Saudi Awwal Bank (SAB), with a total value of SAR 87.99 million, to reschedule existing short-term facilities and convert them into long-term, non-revolving facilities.

According to a statement to Tadawul, the facilities were set to mature on Dec. 31, 2025, prior to the rescheduling. Following the rescheduling, the facilities will be repaid over 30 quarterly installments, with the first installment due on Feb. 28, 2026, and the final installment due on May 31, 2033, representing a total tenure of seven and a half years.

Mayar added that the guarantees provided against the rescheduled financing include a mortgage over real estate deeds, a promissory note, joint and several guarantees, and corporate guarantees.

The company noted that the rescheduling aims to reduce current liabilities and improve the working capital of the two subsidiaries, which is expected to have a positive impact on their operational activities.