MESC subsidiary secures credit facilities from UAE's Mashreq Bank

09/12/2025 Argaam
Logo ofMiddle East Specialized Cables Co. (MESC)

Logo of Middle East Specialized Cables Co. (MESC)

Middle East Specialized Cables Co.’s (MESC) subsidiary, Middle East Specialized Cables LLC, obtained today, Dec. 9, Shariah-compliant banking facilities totaling SAR 93 million (AED 91 million) from UAE's Mashreq Bank, the company said in a statement on Tadawul.

 

The facility aims to finance working capital, issue bank guarantees (performance as well as advance payment guarantees), and fund capital expenditures for the factory and machinery, in line with the company’s strategy and operational plans.

 

The financing, whose term ends on May 31, 2026, is guaranteed by a promissory note, with insurance proceeds waived and certain factory and machinery assets pledged as collateral.

 

The agreement is dated Oct. 16, 2025, but it entered into force on Dec. 9, 2025.

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