Latest news with #JAZADCO
Argaam
22-07-2025
- Business
- Argaam
JAZADCO secures SAR 25M loan from ADF
Jazan Development and Investment Co. (JAZADCO) signed a loan agreement with the Agricultural Development Fund (ADF), valued at SAR 25 million. According to a statement on Tadawul, JAZADCO received the two-year loan on July 21, aiming to finance the working capital of its shrimp farm.
Argaam
15-06-2025
- Business
- Argaam
JAZADCO settles all Zakat cases, assessments except 2018
Jazan Development and Investment Co. (JAZADCO) announced the settlement of all Zakat-related cases and assessments for previous years, excluding 2018, according to a statement to Tadawul. The company received official approval from the Zakat, Tax and Customs Authority (ZATCA) on June 12 regarding an installment plan to settle outstanding Zakat obligations. The approved installment plan covers the financial years 2006, 2007, 2008, 2009, 2010, 2014, 2015, 2016, 2019, 2020, and 2023. The relevant financial impact includes reducing the total estimated obligations from SAR 22.59 million (as disclosed in the Zakat provisions in the latest audited financial statements as of Dec. 31, 2024) to SAR 13.81 million. This resulted in savings of SAR 8.77 million (SAR 5,671 paid earlier), which will have a positive impact on JAZADCO's Q2 2025 financial results following the reversal of the provision. Furthermore, the approved installment plan allows for the settlement of the obligations over 132 monthly installments of SAR 104,646 each, with the first payment due on July 30, 2025. Payments will be made from the company's internal resources, the statement said. The installment plan will strategically contribute to improving the company's cash flows and support efforts to strengthen financial stability. This step aligns with JAZADCO's strategy to close legacy obligations and reinforce the financial position. These developments will enable the company to focus its efforts on future growth and investment initiatives. JAZADCO remains fully committed to fulfilling its obligations in accordance with the approved installment plan.
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.
