|27 September, 2018

Saudi Fisheries obtains $34.6mln loan from Banque Saudi Fransi

The loan will be used in financing the company’s operations

Participants of the Aquaculture conference watch fish farms in Peljesac peninsula near Dubrovnik, June 18, 2010. image used for illustrative purpose

Participants of the Aquaculture conference watch fish farms in Peljesac peninsula near Dubrovnik, June 18, 2010. image used for illustrative purpose

REUTERS/Dado Ruvic

Riyadh: Saudi Fisheries Company (Alasmak) on Thursday announced that it has inked a medium-term Tawarruq loan agreement with Banque Saudi Fransi (BSF).

The five-year credit facility amounted to SAR 130 million, according to the company’s statement to the Saudi Stock Exchange (Tadawul).

The loan, secured by a promissory note and a letter of guarantee for the full loan amount, will be used in financing the company’s operations, Alasmak said, adding that no related parties are involved in the deal.

By the end of Wednesday’s session, Saudi Fisheries’ stock grew 2.5% at SAR 17.20.

Source: Mubasher

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