Al-Baha subsidiary obtains SAR 65 mln loan from ANB

12/06/2022 Argaam
Logo of Al-Baha Investment and Development Co.

Logo of Al-Baha Investment and Development Co.


Al-Baha Investment and Development Co.’s subsidiary, Elegant Centers Co. Ltd., obtained a Shariah-compliant bank loan for SAR 65 million from Arab National Bank (ANB) on June 9.

 

In a statement to Tadawul, Al-Baha said the loan period is six and half years, including a six-month grace period.

 

A promissory note in addition to a mortgage of real estate – Al-Malaz Complex and Al-Hazm Complex – owned by Elegant Centers were offered as guarantees for the financing.

 

The move aims to help fund the company’s expansion plans, the statement noted, adding that there are no related parties to the deal.

Comments {{getCommentCount()}}

Be the first to comment

loader Train
Sorry: the validity period has ended to comment on this news
Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.