Al-Baha subsidiary obtains SAR 65 mln loan from ANB

12/06/2022 Argaam

Logo of Al-Baha Investment and Development Co.

Al-Baha Investment and Development Co.’s subsidiary, Elegant Centers Co. Ltd., obtained a Shariah-compliant bank loan for SAR 65 million from Arab National Bank (ANB) on June 9.

 

In a statement to Tadawul, Al-Baha said the loan period is six and half years, including a six-month grace period.

 

A promissory note in addition to a mortgage of real estate – Al-Malaz Complex and Al-Hazm Complex – owned by Elegant Centers were offered as guarantees for the financing.

 

The move aims to help fund the company’s expansion plans, the statement noted, adding that there are no related parties to the deal.

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