SIDC subsidiary renews trade finance deal with NCB
Saudi Industrial Development Company’s (SIDC) Jeddah-based subsidiary Global Marketing Company for Sleeping System Ltd (Sleep High) has renewed a Sharia-compliant trade finance agreement with the National Commercial Bank (NCB) valued at SAR 50 million.
The financing facility, guaranteed by a promissory note, will extend from June 1, 2016 to April 30, 2017, SIDC said in a statement to Tadawul on Thursday.
The funds will finance the company’s working capital, redevelop production lines and retail outlets, and boost expansion plans.
The deal includes deferred letters of credit, letters of credit with access up to SAR 40 million, letters of guarantee for SAR 1 million and margin swaps covering SAR 9 million.