Al Kathiri subsidiary signs SAR 6 mln credit facility deal with Riyad Bank

11/08/2021 Argaam

Logo of Al Kathiri Holding

Al Kathiri Holding Co. said that its subsidiary, Alian Industry Co., signed, on Aug. 10, a Shariah-compliant agreement worth SAR 6 million with Riyad Bank to provide credit facilities.

 

The company said in a bourse filing that the period of the credit facility is one year and may be extended for further duration.

 

The facility is guaranteed by a promissory note and will be used to finance the company’s working capital and to meet other business requirements.

 

There are no related parties to the agreement.

 

With this financing, the total facilities granted by Riyad Bank to Alian Industry Co. amount to SAR 24 million.

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