Alwasail signs financing deal worth SAR 34.9 mln with SIDF

24/10/2022 Argaam

Alwasail signs financing deal worth SAR 34.9 mln with SIDF

Logo of Alwasail Industrial Co.

Alwasail Industrial Co. signed, on Oct. 23, a financing agreement worth SAR 34.9 million with Saudi Industrial Development Fund (SIDF), according to a statement to Tadawul.

 

The loan duration is seven years and will be repaid in 13 unequal, semi-annual installments, starting from Feb. 25, 2024, as agreed with SIDF.

 

The plant assets were mortgaged to SIDF and a promissory note was signed with the fund.

 

The loan will be used to finance the development of infrastructure for the polyethylene pipelines manufacturing by replacing some production lines, expanding new industrial technologies and buying machines and equipment.

 

This aims to raise the production capacity and improve the quality of products in the company's factories in Buraidah First Industrial City.

 

The deal does not have any related parties, and any major relevant developments will be announced, the statement noted.

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