Riyadh – Mubasher: Jabal Omar Development on Wednesday said it repaid the first instalment of its Islamic bridge loan with Bank Albilad.
The first instalment amounts to SAR 136.77 million, the real estate development said in a filing to the Saudi Stock Exchange (Tadawul).
Originally signed in March 2017 for a total value of SAR 842 million, the bridge loan will be repaid over a four-year period on seven instalments.
The company expects this repayment to positively affect its long-term debt account for the first quarter of the year.
In January, Jabal Omar had repaid two instalments due to the Saudi Ministry of Finance for a total sum of SAR 231.2 million.
Jabal Omar Development’s stock closed Wednesday down 0.54% to SAR 49.82.
