Batic subsidiary signs SAR 200 mln credit facility with Al Rajhi Bank

26/05/2022 Argaam

Logo of Batic Investments and Logistics Co.

Batic Investments and Logistics Co.’s fully-owned subsidiary, Batic Real Estate Co., signed a Shariah-compliant facility agreement Shariah-compliant with Al-Rajhi Bank amounting to SAR 200 million.

 

In a statement to Tadawul, Batic said a part of the facility, amounting to SAR 100 million, was used.

 

The duration for the agreement is 36 months and it was signed on May 25, the statement noted.

 

The firms – Batic Investments and Batic Real Estate – offered joint and several guarantees, which were backed by order notes and mortgage covering 100% of term loan.

 

The facility was secured to finance potential real estate investments, which will be disclosed upon execution.

 

There are no related parties to this agreement.

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