Saudi Company for Hardware (SACO) has signed a 330.9 million Saudi riyals ($88 million) Islamic banking facility agreement with the Saudi British Bank (SABB).

The credit facility will be used to finance SACO’s working and capital expenditure requirements, the firm said in a bourse statement.

The duration of the facility is seven years, including a two-year grace period.

(Writing by Nada Al Rifai; Editing by Seban Scaria)

(nada.rifai@refinitiv.com)

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