Zahrat Al Waha renews SAR 115.6 mln credit facility with SAIB

03/04/2022 Argaam

Logo of Zahrat Al Waha for Trading Co.

Zahrat Al Waha for Trading Co. renewed the Sharia-compliant credit facilities agreement with The Saudi Investment Bank (SAIB), at a total value of SAR 115.6 million, according to a bourse filing.

 

The company will use the financing to purchase and import raw materials required for manufacturing, as well as import of machines and injection molds to finance capital expansions and general investments. The limit of general investments was set at SAR 50 million.
 

The facility term is valid from April 3, 2022 to July 31, 2022, and is fully guaranteed by a promissory note, in addition to the pledge of the company's equity investment portfolio.

 

There are no related parties to the agreement, the statement added.

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