Almajed Oud Company has secured a Shariah-compliant credit facility of  200 million Saudi riyals ($53.33 million) from Al Rajhi Bank.

The fund will be used to support operational activities and strengthen the financial position to drive expansion, the company said in a statement to the Saudi stock exchange on Sunday.

The facility has a 12-month tenure and can be renewed, the statement added.

(Editing by Seban Scaria seban.scaria@lseg.com)