Zahrat Al Waha renews $24.8mln loan with Saudi ANB

The agreement will be extended to 28 February 2021

  
Image used for illustrative purpose. Magnifying glass and banknote Saudi Arabia.

Image used for illustrative purpose. Magnifying glass and banknote Saudi Arabia.

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Riyadh – Zahrat Al Waha for Trading Company has renewed its sharia-compliant credit facility agreement worth SAR 93 million with Arab National Bank (ANB).

The agreement will be extended from 16 November 2020 to 28 February 2021, according to the company's disclosure to the Saudi Stock Exchange (Tadawul) on Tuesday.

Through the loan, the company will 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 fund working capital with a value of SAR 70 million.

The limit for the facilities to sell machinery and equipment has been renewed and decreased to SAR 22.993 million from SAR 54.449 million as a result of payments.

It is noteworthy to mention that in September, the company has renewed a sharia-compliant credit facility agreement worth SAR 63.476 million with Alinma Bank to open documentary letters of credit to buy raw materials, machinery, and equipment.

Source: Mubasher

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