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Jeddah - Yasmine El Tohamy - Saudi Arabian Amiantit Co. announced the full settlement of its loans with Samba Financial Group, Bank Aljazira, Gulf International Bank, Al Baraka Islamic Bank (Bahrain), and Arab Banking Corporation (Bahrain).
The total loans with these banks amounted to SR107 million ($28.53 million), the company said in a bourse filing.
The source of payment stems from the company’s daily operations as well as the proceeds from the rights issue due to the capital increase in conformity with the prospectus.
The settlement is expected to positively reflect on the financial statement which entails to improve the company’s financial position.
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