Logo of Batic Investments and Logistics Co.

Batic Investments and Logistics Co. obtained short-term, Shariah-compliant credit facilities from Bank AlJazira with a credit limit of SAR 140 million, of which SAR 101.36 million was disbursed, according to a bourse filing today, Oct. 4. 

 

The credit facility plus interest will be paid as a lumpsum in 12 months maximum or at the receipt of the rights issue proceeds, whichever is earlier.

 

The credit facility was guaranteed by waiving the rights issue proceeds to the bank, in addition to a promissory note worth SAR 140 million.   

 

The loan will be utilized to finance Batic’s acquisition of 35.8% in Smart Cities Solutions Company for Communications and Information Technology, in addition to other capital and operating expenses.

 

The deal included no related parties, the statement added.

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