Saudi Arabia's Nama Chemicals has signed two Islamic Shariah-compliant financing facilities worth a combined 90 million riyals ($24 million), which will be utilised as working capital.
The Murabaha facility agreement for a value of SAR 60 million was signed with the National Bank of Kuwait, while a Tawarruq facility agreement was entered into with Riyad Bank for a value of SAR30 million.
The facilities are for a duration of six months with revolving facility for one year, the company said in a regulatory filing on Riyadh's Tadawul exchange on Monday.
A promissory note guarantees each agreement for the value of the facility granted, it added.
(Writing by Brinda Darasha; editing by Cleofe Maceda)