Neft Alsharq obtains SAR 10M credit facilities from Al Rajhi Bank

Neft Alsharq says the credit facilities aim to meet working capital and capex requirements.

Neft Alsharq Company for Chemical Industries (Neft Alsharq) obtained Shariah-compliant banking facilities of SAR 10 million from Al Rajhi Bank, according to a statement on Tadawul.

The one-year credit facility was obtained on Jan. 25 and is guaranteed by a promissory note as well as an indemnity undertaking.

The facilities will support working capital needs and capital expenditure.

There are no related parties to the deal, the statement said.