SHL renews SAR 427.6M facilities with GIB

SHL Finance Co. renewed a Shariah-compliant credit facilities agreement with Gulf International Bank (GIB), with a total value of SAR 427.6 million.

In a statement to Tadawul, the company said the financing was obtained on Dec. 29, for a term of three years, noting that a promissory note and receivables were provided to the bank as collateral for the financing.

The purpose of renewing the facility is to expand and increase SHL's sales volume through new originated loans to its customers, in line with the company's strategy and future plans.

The company confirms that the facility agreement is a continuous transaction which carried out in the normal course of business and in accordance with prevailing commercial conditions and without any preferential terms.

There are no related parties involved, the statement noted.