“Food products company (Githaiah) signed SAR 34m credit agreement with the Saudi Industrial Development Fund (SIDF) on 9/5/2012”, said a statement on tadawul today.
The credit agreement has a grace period of 16 months, a term of five years and is repayable on 10 unequal semiannually installments starting from 15/10/1435 AH.
The credit is covered by the vegetables and food factories’ assets.
The proceeds to be used to finance the expansion of the vegetable freezing factory by adding a frozen potato chips line with a total cost of SAR 71m.
The new product line is scheduled to start operations late March 2013 with the financial effect to be realized in the first half of the same year.
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