Almuneef renews SAR 35M credit facilities with Bank Albilad

Logo of Almuneef Co. for Trade, Industry, Agriculture and Contracting

Almuneef Co. for Trade, Industry, Agriculture and Contracting renewed its credit facilities and letters of guarantee with Bank Albilad, amounting to SAR 35 million.

In a filing to Tadawul, the company said the financing was obtained on Dec. 24, for a tenor of one calendar year.

It noted that Hamad Al Hajri and Nasser Al Hajri are related parties.

The company said additional securities and documents were provided as collateral to make the renewal and increase of the facilities effective, ensuring the continued use of the financing and supporting the sustainability and expansion of its operations.

The collateral includes a promissory note with a total value of SAR 37.18 million issued by Chairman Hamad Al Hajri and Vice Chairman Nasser Al Hajri, covering the total facilities.

It also includes the assignment of financed projects for which final letters of guarantee have been issued.

Almuneef said the facilities will be used to finance suppliers’ purchase orders for imported goods and to cover the issuance of final guarantees for local projects.