Riyadh - Ladun Investment Company has obtained a non-revolving facility worth SAR 750 million from Bank Albilad on 29 November 2022, according to a bourse filing.
The Tadawul-listed firm will use SAR 500 million, which will be paid over 60 months, to finance future projects and make acquisitions in line with its growth plans.
Meanwhile, the remaining SAR 250 million, which holds a 48-month maturity period, will be directed to the Rimal project in Riyadh. This facility aims to finance part of the land value and develop the infrastructure of the scheme.
The loan has a corporate guarantee from Ishar Investment Company, in addition to an assignment of the project’s proceeds in favour of the bank as a guarantee.
Last September, Ladun Investment appointed Nasser Saad Al Arifi and Ibrahim Fahad Mohammed Al Assaf as the board’s Chairman and Vice Chairman, respectively, for the next three years.
It is worth noting that in the first nine months (9M) of 2022, Bank Albilad logged net profits worth SAR 1.54 billion, an annual jump of 22.52% from SAR 1.25 billion.
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