Sidc uses property as extra collateral

The Saudi Industrial Development Company (SIDC) has finalized the procedures of using a Jeddah-based property as additional collateral for loan, and paid off a SAR 15.9 million debt to Saudi Industrial Development Fund, instead of putting the assets of its Global Marketing Company for Sleeping Systems Co. (Sleep High) under mortgage.

That follows the transfer of ownership of the said property from Sleep High in return for SAR 22 million. The property is used as additional guarantee for the loan of affiliate Sidc Ceramic Plant.

The company also made early payment of SAR 15.9 million, the last three installments of the loan.

Now the company paid back SAR 32.9 million to the fund since the settlement date above, and SAR 35 million is to be paid in seven equal installments.