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DEBT WATCH-
Miahona subsidiary secures refinancing agreement: Miahona’s subsidiary Industrial Cities Development and Operating Company (ICDOC) inked a SAR 210 mn shariah-compliant refinancing agreement with the Arab National Bank, according to a disclosure to Tadawul yesterday.
The details: The agreement includes two term loans, with SAR 159 mn allocated to repaying existing debt and the remainder going toward supporting capital spending. The new facility extends maturity to July 2030 from February 2026. The agreement is backed by receivables, ins. proceeds, pledged accounts, a six-month reserve account, and a promissory note.
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ADVERTISING-
TTP Media Group launched ARTAI, a new company that uses artificial intelligence to produce advertisements and videos, it said on LinkedIn last week. ARTAI’s goal is to increase production speed and efficiency, allowing clients to experiment with different types of content with more flexibility.
LOGISTICS-
The Saudi Ports Authority (Mawani) added Blue Ocean’s BOS shipping service to Jeddah Islamic Port, linking it to three major Chinese ports, it said in a statement yesterday. The new route — with a capacity of 2.3k TEUs — will connect Jeddah with Qingdao, Ningbo, and Nansha in China.
PHARMA-
Spimaco kicks off cancer drug production this August: Saudi Pharmaceutical Industriesand Medical Appliances Corp. (Spimaco) opened its new SAR 272 mn plant for the production of oncology and high-potency medications at its Qassim site, it said in a disclosure to Tadawul yesterday. The facility — built with collaboration with AstraZeneca — spans 2.8k sqm and can produce over 275 mn units annually.
M&A WATCH-
Our friends at Al Hammadi extended the non-binding MoU signed in April to acquire a 40% stake in Wareed Medical Company by another 90 days, according to a disclosure to Tadawul. The extension will allow time to complete an independent review of the deal’s feasibility and strategic fit.
