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Saudi Arabia’s Middle East Specialized Cables Company (MESC) has upsized its credit facilities with Alinma Bank to 250 million riyals ($66.7 million), increasing the limit by an additional SAR 100 million following an addendum.
Promissory notes valued at SAR 275 million have been provided as guarantee.
MESC said the upsizing will help with financing the company’s working capital and issuance of bank guarantees.
This is the second upsizing by MESC, which had previously in January increased its funding from Alinma Bank by SAR 50 million to a total of SAR 150 million.
The same month, the company also renewed a Sharia-compliant banking facility deal with Emirates NBD Bank valued at SAR 150 million.
(Writing by Bindu Rai, editing by Seban Scaria)
