2P renews, ups SAR 70 mln credit facility deal with GIB

29/10/2023 Argaam

2P renews, ups SAR 70 mln credit facility deal with GIB

Prefect Presentation for Commercial Service Co. (2P) renewed and leveled up a Shariah-compliant credit facility agreement worth SAR 70 million with Gulf International Bank (GIB).

 

In a statement to Tadawul today, Oct. 29, the company pointed out that the financing is valid until Sept. 30, 2024, guaranteed by a promissory note of the total facilities value.

 

The financing aims to fund contracts for new projects by 2P and issue letters of credit and guarantees, the statement added, noting that there are no related parties.

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