East Pipes signs SAR 500 mln credit facility with ANB

07/06/2022 Argaam

Logo of East Pipes Integrated Company for Industry

East Pipes Integrated Company for Industry signed today, June 7, a Sharia-compliant banking facilities agreement worth SAR 500 million with Arab National Bank (ANB), according to a bourse filing.

 

The 365-day financing agreement is guaranteed by a promissory note valued at SAR 500 million.

 

The facilities will be used to finance the working capital of one of the company’s projects.

 

There are no related parties to the deal, the statement said.

 

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