Zahrat Al Waha renews SAR 130.4 mln credit facility with SAIB

07/05/2023 Argaam

Zahrat Al Waha renews SAR 130.4 mln credit facility with SAIB

Logo of Zahrat Al Waha for Trading Co.

Zahrat Al Waha for Trading Co. renewed today, May 7, a SAR 130.44 million Sharia-compliant credit facilities agreement with Saudi Investment Bank (SAIB), the company said in a statement to Tadawul.

 

The loan is aimed to purchase and import raw materials required for manufacturing activity, purchase and import machines and injection molds to finance capital expansions and to finance general investments, said the company.It noted that there are no related parties.

 

The company also stated that the loan's term will be from May 7 to October 31, 2023.

 

It indicated that the financing is guaranteed by order notes by the company with the total value of the facilities, as well as mortgage of the company's investment portfolio shares.

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