Banan Real Estate signs SAR 40 mln credit facility with ANB

02/11/2021 Argaam

Logo of Banan Real Estate Co.

Banan Real Estate Co. signed today, Nov. 2, a Shariah-compliant credit facility agreement worth SAR 40 million with Arab National Bank (ANB), the company said in a filing to Tadawul.

 

The seven-year facility is guaranteed by a promissory note of SAR 40 million in addition to mortgage of a building owned by the company

 

The loan will be utilized in financing the expansion of real estate investment.

 

There are no related parties to the agreement, the statement added.

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