Al Hammadi Company for Development and Investment on Saturday signed an agreement to secure a SAR 312.5 million shariah-compliant loan from the Arab National Bank, the company said in a statement to Tadawul.
The facility is for a period of five years with a two- year grace period.
The purpose of the loan is to refinance the company’s current financing facilities with better terms and conditions compared to the existing facilities, as well as enhancing its working capital to support the growing business operations, it added.
The loan was taken against promissory note of the total facility value to the benefit of Arab National Bank.
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