Herfy Secures SAR 50m credit facilities from Al-Rajhi

09/11/2014 Argaam

Herfy Food Services Company signed SAR 50m credit facilities agreement with Al Rajhi Bank on November 6, 2014; the company said in a filing to Tadawul.

 

The facility has a term of 4 years from the signing date and is guaranteed by a promissory note; the company added.

 

The proceeds are to be used in financing the company’s future investment expansions.

 

Each payment will be repaid on four years from the date of receiving the payment; the company continued adding that the transaction is a related party transaction and Herfy’s GA should approve the deal in the upcoming GA meeting.

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