Latest news with #JAZADCO
Argaam
05-02-2025
- Business
- Argaam
JAZADCO secures SAR 15M credit facilities from ANB
Jazan Development and Investment Co. (JAZADCO) signed Shariah-compliant credit facilities worth SAR 15 million with Arab National Bank (ANB), according to a Tadawul statement. The credit facilities were obtained today, Feb. 5, with a duration of nine months from the loan withdrawal date. The facilities will be used to finance the direct purchase of materials, tools, equipment, pools, and inventory for aquaculture and agricultural activities to support operations based on an acceptable invoice copy for the bank, the statement added. The financing is secured by a promissory note and a mortgage, the statement said, adding that no related parties are involved in the deal.
Argaam
26-01-2025
- Business
- Argaam
JAZADCO receives final warning from SIDF for RESRECO loan guarantee
Jazan Development and Investment Co. (JAZADCO) received an official final warning from the Saudi Industrial Development Fund (SIDF) on Jan. 26 regarding its commitment to guarantee, under the loan agreement to Al-Reef Sugar Refinery Co. (RESRECO), by repaying the loan value of SAR 100.8 million within a maximum period of 15 working days from the date of notification, as stipulated in Article (14) of the State Revenue Law, based on the loan of SAR 672 million, noting that the JAZADCO percentage of the loan is 15%. In a statement to Tadawul, JAZADCO also confirmed that work is underway with RESRECO management to complete the previously announced procedures, which are as follows: 1. Fair Valuation Request: JAZADCO will formally request RESRECO's board to formally request that to conduct a fair and independent fair valuation of the company's assets. Additionally, JAZADCO support efforts to identify potential buyers for the company's assets to mitigate financial exposure. 2. Engaging in Negotiations: Where JAZADCO met with SIDF and explained the situation and the current clarification in full to explore a structured and mutually agreeable payment plan to fulfill its guarantee obligation responsibly, and another meeting was scheduled with the Fund to review the developments. 3. Financial Impact Assessment: JAZADCO is assessing the financial impact of this obligation, and the impact on the financial statement will be disclosed immediately after the above procedures are applied, as the financial impact is linked to the asset valuation that is being worked on. JAZADCO will also announce any developments in this regard in due course. According to data available with Argaam, JAZADCO and Artex Industrial Investment received, on Nov. 17, official notices from SIDF concerning their guarantee obligations related to the loan agreement granted to RESRECO.
