Saudi Networkers secures SAR 40 mln loan from Saudi Awwal Bank

10/04/2023 Argaam

Saudi Networkers secures SAR 40 mln loan from Saudi Awwal Bank

Logo of Saudi Networkers Services Co.

Saudi Networkers Services Co. has secured short-term Sharia-compliant financing from Saudi Awwal Bank at a value of SAR 40 million, the company said in a statement to Tadawul.
 

The facility will have a 90 days revolving loans, to be valid till Feb. 15, 2024. It is aimed to finance the company's short-term working capital requirements.
 

The financing comes with a promissory note covering the full exposure and the assignment of contract proceeds from the customers.

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