Academy of Learning secures SAR 22 mln credit facilities from Riyad Bank

Logo of Academy of Learning Co. (AOL)

Academy of Learning Co. (AOL) signed a three-month Shariah-compliant credit facility agreement for SAR 22 million with Riyad Bank.

In a statement to Tadawul, AOL pointed out that a promissory note, a SAR 50 million bank guarantee, and a joint guarantee from the Chairman were presented as guarantees.

The agreement aims to finance the company’s future expansions in Riyadh, Khobar and Dammam, the statement added, noting that there are no related parties to the deal.