Saudi: 2P Prefect Presentation unveils $21.33mln bank facility with SAB

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Riyadh – Prefect Presentation for Commercial Services (2P Prefect Presentation) announced the increase and renewal of a Sharia-compliant bank facility with Saudi Awwal Bank (SAB) as per the agreement signed on 15 April 2024.

The funding amount totals SAR 80 million and holds a duration until 31 December 2024, according to a bourse disclosure.

2P Prefect Presentation noted that the guarantees offered for the financing are promissory notes worth the bank facility limit.

Meanwhile, the listed company will use the obtained amount for newly awarded projects in addition to issuing letters of guarantees as well as letters of credit and invoice financing.

Earlier today, 2P Prefect Presentation unveiled a SAR 46 million project award at Umm Al Qura University.

The company and the Saudi lender already extended a loan deal aligned with Islamic Sharia at a value of SAR 306.18 million in September 2023.