PHOTO
The logo of the Saudi National Bank (SNB) can be seen at the banks' headquarters in Riyadh on March 27, 2023, after the chairman of SNB, the main shareholder of troubled lender Credit Suisse which was bought out this month, resigned. (Photo by Fayez Nureldine / AFP).
Agricultural Development Company Limited (ADC), a subsidiary of Tanmiah Food Company, secured new long-term and revolving Shariah-compliant facilities worth SAR 650 million from the Saudi National Bank (SNB).
The company will use the funds to back its ongoing strategic expansion plans and working capital requirements, according to a bourse disclosure.
The financing agreement, which was obtained on 19 November 2024, was secured by a promissory note and corporate guarantee.
In December 2023, the Tadawul-listed company was granted a SAR 450 million loan from Banque Saudi Fransi.
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