{"id":91637,"date":"2024-11-18T00:00:00","date_gmt":"2024-11-18T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2024\/11\/18\/sidf-calls-on-guarantors-for-sar-672-mn-resreco-loan\/"},"modified":"2024-11-18T00:00:00","modified_gmt":"2024-11-18T00:00:00","slug":"sidf-calls-on-guarantors-for-sar-672-mn-resreco-loan","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2024\/11\/18\/sidf-calls-on-guarantors-for-sar-672-mn-resreco-loan\/","title":{"rendered":"SIDF calls on guarantors for SAR 672 mn Resreco loan"},"content":{"rendered":"

SIDF activates loan guarantees:<\/strong> Saudi Industrial Development Fund (SIDF) notified Jazan Development and Investment Company (Jazadco) and Artex Industrial Investment Company it is activating guarantees for a SAR 672 mn loan made to Al Reef Sugar Refinery Company (Resreco) after the firm failed to meet repayment obligations, according to two separate disclosures (here<\/a> and here<\/a>) from the guarantors. Jazdaco and Artex had each guaranteed 15% of the loan, equivalent to SAR 100.8 mn each, the disclosures said. The guarantors also hold 15% each in Resreco, Argaam<\/a> said. <\/p>\n

What\u2019s next? <\/strong>Both guarantors have a one-month period to make good on their guarantees, according to Article 13 of State Revenue Law (pdf)<\/a>. Jazadco and Artex notified Resreco\u2019s board to commission an independent valuation of Resreco\u2019s assets, with Jazdaco also stepping in to assist in finding buyers so as to pay down parts of the outstanding guarantees. Meanwhile, the guarantors will negotiate with the SIDF on a \u201cmutually agreeable payment plan.\u201d The impact on both firms\u2019 financials will be disclosed following the conclusion of these two steps, the disclosures added. <\/p>\n

About Al Reef Sugar: <\/strong>The Jeddah-based sugar refinery was established in 2015 to produce 1 mn tons of sugar a year, with a view to help meet national demand while exporting the surplus to neighboring markets, as per its LinkedIn<\/a> page. <\/p>\n","protected":false},"excerpt":{"rendered":"

The guarantors are liable for SAR 100.8 mn apiece<\/p>\n","protected":false},"author":1,"featured_media":91638,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2590],"tags":[3442,3446,57,3444,10,3445,3443],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-91637","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-debt-watch","tag-al-reef-sugar-refinery","tag-artex","tag-debt-watch","tag-development","tag-enterpriseam-ksa","tag-jazan-development-and-investment-company-jazadco","tag-saudi-industrial-development-fund-sidf","wpautop","entry"],"acf":{"mongo_id":"e093e143-c67d-41c8-927a-b3114e8b32ad","order":"7","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/8\/1736.jpg","photo_position":"above","homepage_title":"","full_issue_title":"SIDF calls on guarantors Jazadco and Artex for Resreco\u2019s SAR 672 mn loan","related_issue":[91624],"teaser":"The guarantors are liable for SAR 100.8 mn apiece","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/11\/.b9ebd098-9659-4fa3-ba28-9baa0fad73b4.mp3"},"yoast_head":"\nSIDF calls on guarantors for SAR 672 mn Resreco loan - 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