Saudi Fisheries secures SAR 76 mln facilities from Al Rajhi Bank, NBB

08/08/2022 Argaam

Logo of Saudi Fisheries Co.

Saudi Fisheries Co. signed today, Aug. 8, an agreement with Al Rajhi Bank to obtain a SAR 40 million loan ‎for a period of four years, which will be utilized in ‎financing operating‎ activities.

 

The company, in a bourse filing, said the loan is guaranteed by a promissory note and time ‎deposit, noting there are no related parties.

 

Saudi Fisheries also signed today a short-term “Tawarruq” banking facility ‎agreement worth SAR 36 million with National ‎Bank of Bahrain (NBB).

 

The one-year facility will go for financing the company's ‎operating activities. It is guaranteed by a promissory note and time ‎deposit.

 

The company also noted that Mansour Abdulaziz ‎Alsaghayer is a related party.

 

The agreement is within the ‎normal course of business ‎and no preferential benefits ‎were granted, the statement said, adding the contract was ‎approved by the company's ‎board of directors.

 

The ‎agreement will be presented ‎at the next general assembly meeting for approval.‎

 

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