SACO cancels SAR 50M unused facilities from SAB

14/07/2025 Argaam
Logo ofSaudi Company for Hardware (SACO)

Logo of Saudi Company for Hardware (SACO)

Saudi Company for Hardware (SACO) cancelled, on July 13, the banking facility agreement signed with Saudi Awwal Bank (SAB), due to non-utilization of the facility.

 

According to a statement to Tadawul, the guarantees provided, a SAR 50 million promissory note and a mortgage on the company’s warehouse in Riyadh, were released.

 

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The cancellation will have no financial impact, the statement added.

 

In December 2024, SACO obtained credit facilities worth SAR 50 million from SAB, aimed at refinancing letters of credit, Argaam data showed.

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