Saudi AZM inks SAR 60M credit facility with Bank AlJazira

08:46 AM (Mecca time) Argaam
Saudi AZM signed a Shariah-compliant credit facility agreement with Bank AlJazira

Saudi AZM signed a Shariah-compliant credit facility agreement with Bank AlJazira

Saudi Azm for Communication and Information Technology Co. signed a Shariah-compliant credit facility agreement with Bank AlJazira valued at SAR 60 million.

 

The company said in a statement to Tadawul that the financing was obtained and the agreement signed on Jan. 22, with a one-year term renewable upon maturity. A promissory note was provided as collateral for the facility.

 

Saudi AZM explained that the agreement establishes credit limits and includes working capital financing if required. The company noted that Ibraheem Al Konaibit, a major shareholder in Saudi AZM and Bank AlJazira, is a related party in the transaction.

 

The company added that the financing aims to cover the issuance of guarantees required for contracts and projects and to support related operational needs.

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