East Pipes signs SAR 285 mln credit facility with SABB

29/03/2022 Argaam

Logo of East Pipes Integrated Company for Industry

East Pipes Integrated Company for Industry signed a Shariah-compliant credit facility agreement at a total value of SAR 285 million with Saudi British Bank (SABB), the pipe manufacturer said in a statement to Tadawul.

 

The one-year facility was secured on March 28, and is guaranteed by a SAR 285 million promissory note.

 

East Pipes will use the loan to finance the working capital of a project, the company added, affirming that there are no related parties to the agreement.

 

East Pipes began trading on the Saudi Exchange (Tadawul) on Feb. 14.

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