Multi Business renews, upsizes SAR 21.5M credit facilities with Riyad Bank

Multi Business says the financing was obtained on Nov. 3, with a tenor of 12 months

Multi Business Group Co. renewed and upsized its Shariah-compliant credit facility agreement with Riyad Bank, at a total of SAR 21.5 million.

In a statement to Tadawul, the company said the financing was obtained on Nov. 3, with a tenor of 12 months. It noted that a promissory note worth SAR 22.5 million was provided as a guarantee for the funding.

According to the company, the facility, which involved no related parties, will be used for the issuance of bid bonds, performance bonds, advance payment guarantees, and project financing for current and future projects.

The company also said that the necessary signatures were completed, and a copy of the agreement was received on Oct. 3.