Al Naqool subsidiary inks SAR 10M credit facility deal with Al Rajhi Bank

Al Naqool said the credit will be used to support Sadan’s expansion plans

Mohammed Hasan Al Naqool Sons Co. said its subsidiary, Sadan Industrial Co., signed a SAR 10 million Shariah-compliant credit facilities agreement with Al Rajhi Bank.

In a statement to Tadawul, Al Naqool said the credit will be used to support Sadan’s expansion plans in the logistics transport sector. This is by enhancing its truck fleet and increasing its operational capacity.

The financing provides the necessary liquidity to acquire additional fleet, enabling the company to meet the growing demand for its services, increase the efficiency of its logistics operations, and achieve sustainable growth that aligns with its carefully planned expansion strategy, the statement added.

Sadan secured the facilities today, April 22, with a tenor of 42 months including a six-month grace period, Al Naqool indicated, noting that collaterals consist of a promissory note and a guarantee of payment and performance.

The company added that no related parties were included.