RIYADH: Saudi Real Estate Co., known as Al Akaria, said it has signed a deal to restructure two of its existing loans totaling SR2.07 billion ($551 million) with the Saudi National Bank.
The two facilities are valued at SR1.62 billion and SR450 million, respectively, according to a bourse filing.
Under the rescheduling of the payments, the Saudi-listed developer said the loan’s maturity period has been increased from seven to 12 years, with a grace period of four years, in order to “suit the company's cash flows.”
