Saudi Arabian Amiantit Co. head office
Saudi Arabian Amiantit Co. finished, on Feb. 14, the documentation needed for moving the ownership of its subsidiary to Alinma Bank‘s mutual fund. In return, it was eased of all commitments towards Alinma Bank, totaling up to SAR 572.7 million. These responsibilities make up about 50% of Amiantit’s overall commitments owed to banks.
In a declaration to TadawulAmiantit stated the monetary effect of this deal is to tape an accounting revenue of SAR 482.5 million, which will not lead to any money inflows. The monetary effect will display in the very first quarter of 2024.
A decrease in built up losses will be individually revealed once the auditor’s report is offered, Amiantit included.
In December 2023, the business signed a settlement arrangement with Alinma Bank to move its whole stake in its completely owned subsidiary, International Infrastructure Management and Operation Co., to the bank’s mutual fund.