Saudi Ground Services Co. (SGS) inked, on July 7, a Sharia-compliant Murabaha financing facility with Saudi British Bank (SABB) at a total value of SAR 500 million, the company said in a bourse statement on Wednesday.
The loan will help reduce the impact of the pandemic on the company’s working capital, in addition to allowing expansion and improving services.
The facility, guaranteed by a promissory note, has 30-month tenure.
Company chairman Khalid Qasim Al-Buainain and board member Mansour Abdulaziz Al-Bosuli are related parties, as they are board members of HSBC Saudi Arabia in which SABB owns 49% stake, the statement noted.
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