Amiantit divests from International Infrastructure in bid to deleverage

Amiantit sells subsidiary to Alinma Bank to settle debt: Pipe manufacturer Amiantit has settled a SAR 573 mn debt it had owed to Alinma Bank by transferring full ownership of its subsidiary International Infrastructure Management and Operation to the lender, the company said in a disclosure to Tadawul. The move cuts the company’s outstanding debt to lenders by 50%.

Amiantit will also recover SAR 65 mn from scrapping a hedging transaction related to the sold subsidiary. The proceeds will not show in the cashflow statement of the company, the statement reads.

International Infrastructure returned to profitability in 2022 with a net profit of SAR 10 mn after incurring losses of SAR 63 mn in 2021 and SAR 82 mn the year before.