Saudi Marketing renews $55.58mln loan deal with NCB

The finance period extends from April 2018 until the end of March 2019

  
Image for illustrative purpose. A Saudi money changer displays Saudi Riyal banknotes at a currency exchange shop in Riyadh, Saudi Arabia July 27, 2017.

Image for illustrative purpose. A Saudi money changer displays Saudi Riyal banknotes at a currency exchange shop in Riyadh, Saudi Arabia July 27, 2017.

REUTERS/Faisal Al Nasser

Riyadh –  Saudi Marketing Company (Farm Superstores Co) on Sunday renewed a credit facility agreement with the National Commercial Bank (NCB) at a value of SAR 203.51 million.

The finance period extends from April 2018 until the end of March 2019, according to a statement to the Saudi Stock Exchange (Tadawul).

The firm stated that it will use the loan in financing its operating capital, in addition to inaugurating new branches.

Farm Superstores last reported turning to loss, incurring SAR 11.86 million in the second quarter of 2018, against generating a profit of SAR 20.35 million during Q2-17.

Farm Superstores’ stock remained unchanged to closes Sunday’s trading session at SAR 19.

Source: Mubasher

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