MESC gets SAR 100M credit facility from SAB

04:53 PM (Mecca time) Argaam
Logo ofMiddle East Specialized Cables Co. (MESC)

Logo of Middle East Specialized Cables Co. (MESC)

Middle East Specialized Cables Co. (MESC) secured today, April 13, a Shariah-compliant banking facilities worth SAR 100 million from Saudi Awwal Bank (SAB).

 

In a statement to Tadawul, the company said the financing runs until March 10, 2027, and will be used to fund working capital and issue bank guarantees (performance bonds).

 

The statement noted that collateral includes a promissory note valued at SAR 103.29 million covering the facility, adding that the agreement, dated March 10, became effective today.

 

The are no related parties to the deal, the statement added.

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