Knowledge Economic City and Halwani Bros Company secured loans at a combined value of SAR 353 million from Al Rajhi Bank on 17 September 2023, according to bourse disclosures.
Knowledge Economic City will use the investment to finance ongoing project execution costs of SAR 118 million and SAR 25 million to back the working capital.
The SAR 143 million facility deal, which is secured by lands mortgage and promissory notes, holds a five-year tenor, including a grace period of three years for the project financing. Meanwhile, the working capital facility will be rolled over on an annual basis.
Halwani Brothers renewed its Sharia-compliant facility agreement with Al Rajhi Bank at an amount of SAR 210 million to finance its working capital.
The duration period of the financing is until the end of July 2024, which is renewable on a yearly basis.
It is secured by a promissory note with the amount of the total loan limit and follows the SAR 230.83 million funding obtained last January.
In the first half (H1) of 2023, Knowledge Economic City incurred 31.03% lower net losses after Zakat and tax at SAR 10.59 million, versus SAR 15.36 million in H1-22.
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