Almuneef renews, ups credit facility deal with Bank Albilad to SAR 35M

Logo of Almuneef Co. for Trade, Industry, Agriculture, and Contracting

Almuneef Co. for Trade, Industry, Agriculture, and Contracting announced the renewal and increase of its credit facility deal with Bank Albilad.

In a statement to Tadawul today, May 23, the company said the facilities’ renewal for the previous year totaled SAR 13 million, with approval for a SAR 22 million rise in the credit limit, taking the total amount to SAR 35 million.

The one-year facility is aimed at financing purchase orders from suppliers for importing goods and covering the issuance of final guarantees for local projects, the statement indicated.

To secure the financing, guarantees were provided by Chairman Hamad Al Hajri and Deputy Chairman Nasser Al Hajri, who are also related parties to the deal, in the form of a SAR 37.17 million promissory note. Additionally, financed projects, with final guarantee letters, were relinquished.