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

All Rights Reserved - Mubasher Info © 2005 - 2020 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.