ARTEX receives final warning on RESRECO loan repayment
ARTEX Industrial Investment Co. received, on Jan. 26, an official final warning from the Saudi Industrial Development Fund (SIDF) as regards Al Reef Sugar Refining Co.'s (RESRECO) loan repayment, according to a statement to Tadawul.
Under its guarantee obligations, ARTEX is required to repay a loan value of SAR 100.8 million within a period of 15 working days maximum from the date of notice, as stipulated in Article 14 of the State Revenue Law, and based on a loan principal of SAR 672 million.
ARTEX confirmed it is working with RESRECO to complete the previously announced procedures, as follows:
ARTEX held a meeting with RESRECO board of directors, requesting a comprehensive evaluation of the company's assets by a specialized firm. This evaluation aims to ensure a fair assessment of the assets to develop a repayment plan that safeguards the interests of all parties.
A meeting was scheduled between the SIDF and RESRECO shareholders (at SIDF's request) to discuss a fair and acceptable repayment plan that fulfills the fund's obligations.
ARTEX is currently evaluating the relevant financial impact on its financial statements immediately after the above-mentioned procedures are implemented, as the financial impact is directly linked to the ongoing asset valuation process.
Relevant updates will be disclosed in due course, the company stated.
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