Saudi's SACO increases loan value from SABB to $110.13mln

Saudi Company for Hardware has raised the loan value by $21.87mln

  
Image used for illustrative purpose. Close up shoot for saudi riyal and coins in sacks bag.

Image used for illustrative purpose. Close up shoot for saudi riyal and coins in sacks bag.

Getty Images/ imran kadir photography
Riyadh –  The Saudi Company for Hardware (SACO) has raised the value of the credit facilities obtained from the Saudi British Bank (SABB) to SAR 412.95 million.

Based on the contract signed between the two parties in 2019, SACO has raised the loan value by SAR 82.04 million from SAR 330.9 million, according to a bourse filing on Wednesday.

The guarantees in the form of a promissory note were also raised to SAR 412.95 million.

SACO aims to fund its expansion plan through the addition to SABB’s credit facilities.

The loan agreement reportedly has a duration of seven years as of 14 November 2019.

Source: Mubasher

All Rights Reserved - Mubasher Info © 2005 - 2021 Provided by SyndiGate Media Inc. (Syndigate.info).

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.

More From Financial Services