Zahrat Al Waha renews $21.86mln loan with Saudi's ANB

The agreement extends from July 8, 2021 to May 31, 2022

Saudi riyal. Image used for illustrative purpose.

Saudi riyal. Image used for illustrative purpose.

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Riyadh –  Zahrat Al Waha Trading Company has renewed the SAR 82.175 million credit facilities agreement with Arab National Bank (ANB).

In line with the Sharia regulations, the agreement extends from 8 July 2021 to 31 May 2022, according to the company's disclosure to the Saudi Stock Exchange (Tadawul) on Thursday.

The financing aims to open letters of credit to purchase raw materials, machinery, and equipment.

Meanwhile, the company has renewed the limit for opening short-term credits and facilities to finance working capital with the same value of SAR 70 million.

In addition, the limit for the facilities to purchase machinery and equipment has been renewed and reduced from SAR 22.993 million to SAR 12.175 million as a result of payments.

It is noteworthy to mention that in November 2020, Zahrat Al Waha renewed its sharia-compliant credit facility agreement worth SAR 93 million with ANB.

Source: Mubasher

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