Riyadh – Mohammed Hasan Al Naqool Sons Company has inked a Sharia-compliant facility agreement worth SAR 15 million with Saudi National Bank (SNB).
Secured by a promissory note, the financing deal holds a 66-month duration period, including a grace period of six months, according to a recent bourse filing.
In line with its strategic objectives, Al Naqool will use the loan to purchase new equipment in order to increase its production capacity and boost its financial position.
Last November, the company’s board recommended a SAR 87 million capital raise through a rights issue worth SAR 58 million to support the firm’s growth plans and future expansions.
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