Saudi Marketing Co. (Farm Superstores) on Thursday renewed its SAR 151.3 million bank facilities agreement with Gulf International Bank (GIB), the company said in a bourse statement.
The funding period starts from Nov. 4, 2018 until Nov. 3, 2019.
The credit is secured by a promissory note by Farm Superstores.
The amount will go towards financing capital expenditure requirements of new branches as well as the company’s working capital needs.
No related parties are involved on the deal, the statements added.
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