Alamar Foods signs SAR 30M credit facility with SAB

Alamar Foods says the new credit facility from SAB will support its financing needs

Alamar Foods Co. signed today, Dec. 28, signed a Shariah-compliant credit facilities worth SAR 30 million with Saudi Awwal Bank (SAB), the company said in a statement to Tadawul.

These include working capital facilities comprising letters of credit and letters of guarantee, with a one-year tenor.

The facilities are guaranteed by the company’s promissory note, the statement said.

The funding aims to support the company’s financing needs and enhance the efficiency of its liquidity management.

The signing of the financing agreement does not result in any material change to the nature of Alamar Foods’ activities or its business model. The funds will be utilized within the scope of its usual operating activities.

There are no related parties involved in the deal, the statement added.