Zahrat Al Waha inks SAR 67 mln credit facility with Alinma Bank

11/06/2019 Argaam

 

Zahrat Al Waha for Trading Co. renewed on Monday a SAR 67.4 million credit facility with Alinma Bank, the company said in a statement to Tadawul.

 

The credit term starts from June 10, 2019 and ends June 30, 2020.

 

The facility will be used to finance the purchase of raw material, equipment and machinery.

 

The loan was secured against a promissory note, the statement said, adding that the deal has no related parties.

 

The funding limit of short-term facilities has been renewed to finance the working capital by SAR 60 million, while the limit for purchasing machinery and equipment has been renewed and reduced from SAR 10 million to SAR 7.4 million, it added.

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