Sumou Real Estate Company penned a Sharia-compliant facility agreement with Riyad Bank to increase its loan limit to SAR 286 million from SAR 50 million.
The firm will use the funding to issue letters of guarantee, according to a recent bourse disclosure.
Meanwhile, the deal is secured by a promissory note worth the value of the total loan limit in favour of the bank. The financing is valid until June 2025.
Sumou Real Estate obtained the new funding on 17 November 2022, while the SAR 50 million loan was secured last June.
Last October, the Tadawul-listed firm was awarded a development project in Riyadh from Adeer Asar Real Estate Company.
It is noteworthy to mention that in the first nine months (9M) of 2022, Riyad Bank achieved net profits worth SAR 4.99 billion, an annual growth of 13.22% from SAR 4.40 billion.
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