MESC obtains SAR 80M credit facility from SNB

12/01/2025 Argaam
Logo ofMiddle East Specialized Cables Co. (MESC)

Logo of Middle East Specialized Cables Co. (MESC)

Middle East Specialized Cables Co. (MESC) secured today, Jan. 12, a Shariah-compliant facility worth SAR 80 million from the Saudi National Bank (SNB), according to a statement to Tadawul.

 

The facility is intended to finance working capital and provide bank guarantees, including performance and advance payment guarantees.

 

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The statement also clarified that the deal did not involve any related parties.

 

The 12-month facility is backed by a promissory note covering 110% of its value and an assignment of insurance proceeds. While dated Nov. 17, 2024, the agreement became effective today, Jan. 12.

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