Saudi AZM for Communications and IT has renewed and expanded its credit facility with Al Rajhi Bank to SAR 75 million ($19.8 million).

The new Shariah-compliant credit line is an increase from the previous SAR 35 million, the Saudi-listed firm confirmed on Monday.

AZM has secured the new financing deal for issuing letters of credit and guarantees needed to bid on and execute new projects, and for raising working capital.

The latest credit facilities agreement is valid for 12 months, with an option for renewal.

(Writing by Cleofe Maceda ; editing by Seban Scaria) seban.scaria@lseg.com