Twareat secures SAR 20M Shariah-compliant facilities from SAB

Twareat says the financing aims to support general working capital requirements, including capital expenditure

Twareat Medical Care Co. obtained Shariah-compliant banking facilities from Saudi Awwal Bank (SAB) totaling SAR 20 million.

The company said in a statement to Tadawul that the financing is intended as general facilities to support working capital requirements, including the issuance of initial and final guarantees, advance payments, and financing for current and future projects.

The facilities include a letter of credit for importing goods or local purchases with a maximum limit of SAR 15 million, a revolving import financing facility for 90 days, renewable up to six months, and a guarantee letter facility with a limit of SAR 10 million.

The revolving facilities extend up to six months, and is guaranteed by a promissory note covering the total facility amount.

All required signatures were obtained and submitted to SAB, the company noted, adding that there are no related parties to the deal.