SAIC says credit facility agreement with SAIB not renewed

30/11/2022 Argaam

Logo of Saudi Advanced Industries Co. (SAIC)

Saudi Advanced Industries Co. (SAIC) announced not renewing its credit facility agreement with Saudi Investment Bank (SAIB), the company said in a statement to Tadawul.

 

In July 2018, SAIB inked a SAR 50 million Shariah-compliant credit facility agreement with SAIB, according to data available with Argaam.

 

The facility was to finance the company’s expansions, in addition to repaying the remaining part of a SAR 25 million credit facility obtained from Alawwal Bank.

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