Sumou Real Estate Co. signed SAR 64 million shariah-compliant credit facilities agreement with Banque Saudi Fransi (BSF) on Oct. 25.
Sumou said in a statement on Tadawul that the facilities are divided into a performance guarantee of SAR 32 million, an advance payment guarantee of SAR 22 million, and facilities for selling and buying commodities (Tawarruq) worth SAR 10 million.
The four-year term facility agreement was obtained by submitting a bond for the full amount in favor of BSF, in addition to a real estate mortgage for a property owned by Sumou’s chairman.
The facility will be directed to financing Khayala residential project (Dar Sumou) in cooperation with the National Housing Co. (NHS), it pointed out.
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