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Middle East Specialized Cables Co. (MESC) signed today, Feb. 2, 2021, a facility agreement worth SAR 50 million with the Saudi Industrial Development Fund (SIDF), the operating arm of the Saudi EXIM Bank.
The facility, which has a tenor of two years, is aimed to fund the company's working capital with respect to export sales, the cable producer said in a bourse filing.
The financing is guaranteed by promissory notes equal to the amount withdrawn from the facility, in addition to the extension of an existing mortgage on the fixed assets related to the previous loan agreement. The mortgage will be extended until the expiry of the new facility.
There are no related parties involved in this agreement, the statement noted.
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