Amiantit completes full settlement of SNB outstanding dues

Logo of Saudi Arabian Amiantit Co.

Saudi Arabian Amiantit Co. announced, on March 21, the full settlement of all its outstanding obligations to Saudi National Bank (SNB), amounting to SAR 313 million, with a 50% discount.

In a statement to Tadawul, the company pointed out that the relevant financial impact will be an accounting profit of SAR 156.5 million with no expected cash inflows from this deal. The financial impact will be reflected in Amiantit’s Q1 2024 financials.

Last February, the company signed an agreement to settle all due facilities with the bank at a 50% discount, Argaam reported.