Zahrat Al Waha Trading Co. has renewed a SAR 50 million Shariah-compliant credit facility from Saudi British Bank (SABB), it said in a bourse statement.
The credit will be used to finance the purchase and the import of raw materials and the working capital, and to buy new tools and machinery for capital expansions.
The renewed credit facility was increased from SAR 25 million to SAR 50 million, which includes SAR 40 million facility to finance the working capital for a period of six months; and SAR 10 million to finance the capital expansions for a period of 48 months.
The firm also said that the guarantee provided includes promissory note of the total amount of the facility.
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