IHR renews, amends SAR 30M credit facility with Al Rajhi Bank

IHR plans to use bulk of the funds to finance working capital requirement

International Human Resources Co. (IHR) renewed and amended a Shariah-compliant credit facility agreement with Al Rajhi Bank for SAR 30 million.

The initial agreement was signed in August 2024 and the renewed deal raises the credit limit, IHR said in a statement to Tadawul.

A total of SAR 27 million will go for financing the working capital requirements and SAR 2.5 million for covering the issuance of letters of guarantee required for contracts and projects, it added.

The company received the loan on Aug. 19 and obtained the final agreement on Sept. 22.

The one-year facility is guaranteed by a promissory note at SAR 30.61 million, in addition to a waiver of project revenue covering 125% of the financing facility.

The agreement represents ongoing transactions conducted in the normal course of business, in accordance with prevailing commercial terms, and without any preferential terms, the statement noted.