Ataa Educational raises SAR 50 mln Sharia-compliant loan from Samba

02/11/2020 Argaam

Ataa Educational Co. signed today, Nov. 2, a Sharia-compliant credit facility agreement worth SAR 50 million with Samba Financial Group, according to a bourse statement.

 

The loan tenor will expire on August 31, 2021.

 

According to the company, the facility will be utilized in funding its working capital, when required.

 

The loan, guaranteed by a promissory note, was granted based on solid financial position of the company.

 

There are no related parties to the deal, the company added.

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