Batic subsidiary repays SAR 100M Al Rajhi Bank loan

Batic unit Batic Real Estate Co. repaid loan to Al Rajhi Bank

Batic Investments and Logistics Co.’s wholly owned subsidiary, Batic Real Estate Co., completed on Nov. 30 the repayment of Shariah-compliant credit facilities with Al Rajhi Bank, totaling SAR 100 million.

In a Tadawul statement, the company pointed out that the repayment was funded from its internal resources via proceeds from the sale of part of land plots at the Al Khuzama scheme in Madinah, owned by Batic Real Estate, after completing full development works.

Batic Real Estate said Al Khuzama project sales are progressing in line with the set targets and are aligned with its operational and financial plans, supporting its strategy to maximize returns from its real estate assets as planned.

According to Argaam data, Batic announced in May 2022 that Batic Real Estate had signed a Shariah-compliant credit facilities agreement with Al Rajhi Bank, providing a credit ceiling of SAR 200 million.