Saudi Abo Moati renews Islamic loan with National Commercial Bank

The renewal of the facilities was approved on June 28 and the loan extends to 31 March 2019.

  
Chairman of the Board of Directors of National Commercial Bank (NCB) Mansour Al Maiman signs during the listing ceremony at the Saudi Stock Exchange (Tadawul) in Riyadh November 12, 2014. Image for illustrative purposes.

Chairman of the Board of Directors of National Commercial Bank (NCB) Mansour Al Maiman signs during the listing ceremony at the Saudi Stock Exchange (Tadawul) in Riyadh November 12, 2014. Image for illustrative purposes.

REUTERS/Faisal Al Nasser

Riyadh –  Abdullah Saad Abo Moati for Bookstores on Thursday announced the renewal of an Islamic banking facility with the National Commercial Bank (NCB) for SAR 40 million.

The renewal of the facilities was approved on June 28, Abo Moati said in a statement to the Saudi Stock Exchange (Tadawul), adding that the loan extends to 31 March 2019.

The purpose of the facilities is to finance working capital requirements, the company added, noting that it got the facilities on its own and that there were no relevant parties to the agreement.

Abo Moati’s stock rose 1.8% to SAR 11.38 by the end of trading on Thursday.

Source: Mubasher

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