Sumou raises Riyad Bank credit facility limit to SAR 286 mln from SAR 50 mln

20/11/2022 Argaam

Sumou raises Riyad Bank credit facility limit to SAR 286 mln

Logo of Sumou Real Estate Co.

Sumou Real Estate Co. inked a Shariah-compliant bank facility agreement to increase the credit limit for an earlier agreement signed June 19, 2022, with Riyad Bank to SAR 286 million from SAR 50 million.

 

In a statement to Tadawul, Sumou said the duration of the financing extends to June 2025 and it aims to ensure letters of guarantee issue.

 

The facility is secured by a promissory note, equivalent to 100% of the total value, in favor of the bank.

 

There are no related parties to the deal, the statement noted.

 

On June 19, Sumou signed a Shariah-compliant credit facilities agreement with Riyad Bank at a value of SAR 50 million, Argaam earlier reported.

Comments {{getCommentCount()}}

Be the first to comment

{{Comments.indexOf(comment)+1}}
{{comment.FollowersCount}}
{{comment.CommenterComments}}

رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}

{{comment.DisplayName}} حساب موثّق

{{comment.ElapsedTime}}
loader Train
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.

Most Read