Abo Moati extends $10.66mln loan deal with Saudi NCB

The credit facility is guaranteed by a promissory note from Abo Moati, the company said

  
Image used for illustrative purpose. A Saudi man walks outside the Saudi National Commercial Bank (NCB), after a coronavirus outbreak, in Riyadh, Saudi Arabia, March 18, 2020.

Image used for illustrative purpose. A Saudi man walks outside the Saudi National Commercial Bank (NCB), after a coronavirus outbreak, in Riyadh, Saudi Arabia, March 18, 2020.

REUTERS/Ahmed Yosri
Riyadh – Abo Moati for Bookstores Company said it has renewed a Sharia-compliant credit facility agreement worth SAR 40 million on Thursday with the National Commercial Bank (NCB).

The credit facility is guaranteed by a promissory note from Abo Moati, the company said in a statement to the Saudi Stock Exchange (Tadawul).

Abo Moati further added it will use the loan in financing its working capital.

Source: Mubasher

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