Logo of National Building and Marketing Co.
National Building and Marketing Co. announced renewing a Shariah-compliant credit facility agreement worth SAR 45 million with Riyad Bank for one year, according to a bourse statement.
The facility is secured with a promissory note and its duration was extended from 90 to 180 days.
Short-term facilities were renewed and their limit was mainlined at SAR 30 million to finance working capital.
The financing limit of SAR 5 million for salaries and treasury products was canceled.
The Tawarruq financing, secured by a promissory note, aims to fund the working capital, as well as boost the company’s business and diversify its sources of income, the statement said.
The firm earlier signed a Shariah-compliant banking facility agreement worth SAR 100 million with Riyad Bank, according to data compiled by Argaam.
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