Logo of Arabian Internet and Communications Services Co.
Arabian Internet and Communications Services Co. (solutions) signed today, June 27, a Sharia-compliant credit facility agreement worth SAR 1 billion with Saudi National Bank (SNB), according to a statement to Tadawul.
The deal includes the renewal of a multi-purpose, short-term credit facility agreement of SAR 500 million for one year, as well as adding a medium-term financing limit of SAR 500 million for five years.
The financing is secured by a promissory note.
The short-term financing will be utilized for the issuance of letters of credit (LC)/ letters of guarantee (LG), and will be available as a working capital loan. Meanwhile, the medium-term facility will go for the acquisition of Giza Systems Co., which was earlier announced.
The deal does not have any related parties, the company said.
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