A branch of Leejam Sports
Leejam Sports Co. (Fitness Time) signed SAR 150 million Shariah-compliant credit facility agreement with Emirates NBD, according to a statement to Tadawul.
The credit facility includes a Multi-Purpose Line of Credit (MPLC) of a short-term loan - Tawarruq financing.
It aimed at financing Leejam’s working capital requirements and multiple letters of guarantee to purchase sports equipment for its operations in the UAE.
The credit facility is a short-term loan, extending for 3 months, as the duration of letters of guarantee is 12 months.
The facilities will be guaranteed by promissory notes, and the agreement included no related parties, the statement added.
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