Zahrat Al Waha renews credit facility worth SAR 60 mln with Alinma Bank

19/01/2023 Argaam

Zahrat Al Waha renews credit facility worth SAR 60 mln with Alinma Bank

Logo of Zahrat Al Waha for Trading Co.

Zahrat Al Waha for Trading Co. announced the renewal of a Shariah-compliant credit facility agreement worth SAR 60 million with Alinma Bank.

 

In a statement to Tadawul, the company pointed out that short-term facilities were renewed at the same value of SAR 60 million to finance working capital.

 

The facilities are valid as of today, Jan. 19, until Oct. 31, 2023, Zahrat Al Waha said, noting that promissory notes equal to the financing value were provided as a guarantee.

 

The agreement aimed at opening letters of credit for the purchase of raw materials.

 

There are no related parties, the statement added.

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